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Robert Ramirez
Century 21 Bundesen
616 Petaluma Blvd. S
Petaluma, CA 94952
Phone: 707-762-5611
Mobile: 707-484-1589
Text:     707-484-1589
Fax: 707-762-1032
Email: robert@petalumahomes.com

Offers 101

The basic components of an offer:

The purchase contract is the central document of your Real Estate transaction. In essence, it contains the purchase price offered, the timelines of the escrow (how many days to close, etc), and any contingencies of the sale on either the buyer or seller’s behalf. While heavy negotiation will often produce a volume of counter offers, addendums, and proposals, all C.A.R. purchase agreements contain the same standard components:

  • Address and sometimes a legal description of the property
  • Sale price
  • Terms -- for example, all cash or subject to your obtaining a mortgage for a given amount
  • Seller's promise to provide clear title (ownership)
  • Target date for closing (the actual sale)
  • Amount of earnest money deposit accompanying the offer, and whether it's a check, cash or promissory note, and how it's to be returned to you if the offer is rejected -- or kept as damages in case of buyer default
  • Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller
  • Provisions about who will pay for title insurance, survey, termite inspections and the like
  • Type of deed to be given
  • Other County specific requirements, such as the infamous Tiger-Salamander zones, megan’s law provisions, etc
  • A provision that the buyer may make a last-minute walk-through inspection of the property just before the closing
  • A time limit (preferably short) after which the offer will expire
  • Contingencies – physical inspection and financing among others
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