The Real Estate Offer And Acceptance Form is a crucial document in U.S. property transactions, serving as the initial contract between buyer and seller. It is used when a potential buyer wishes to make a formal offer to purchase real estate and requires acceptance by the seller to become binding. The form includes essential elements such as property description, purchase price, payment terms, contingencies, and closing requirements. This document must comply with federal regulations like the Fair Housing Act and RESPA, as well as state-specific real estate laws. It typically serves as the foundation for subsequent closing documents and the final property transfer.
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1. Property Information: Detailed description of the property including address, legal description, and included items
2. Purchase Price: Offered amount and payment terms
3. Earnest Money: Amount and terms of earnest money deposit
4. Closing Date: Proposed date of closing and possession
5. Contingencies: Standard conditions that must be met for the sale to proceed
1. Inspection Period: Terms for property inspection period, used when buyer requests inspection rights
2. Financing Contingency: Terms related to obtaining financing, used when buyer requires mortgage
3. Sale of Existing Home: Contingency based on buyer selling current property, used when requested by buyer
1. Property Disclosure Statement: Seller's disclosure of property condition and known issues
2. Lead-Based Paint Disclosure: Required for properties built before 1978
3. Personal Property Inventory: List of included/excluded personal property items
4. HOA Documents: If property is subject to HOA regulations
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