Offer in Writing

• The real estate sale form, along with a deed, serves as a written contract to transfer property. The contract identifies the parties involved in the transaction including the buyer, seller and the real estate broker or brokers. The sale form will also list the subject property to be purchased and the purchase price. The buyer will submit an offer to a seller. The seller can either accept, reject, or alter the offer. The sale form is not valid unless both parties agree to the terms of the contract and signed by both parties. The contract alone does not transfer property.
  
  

Deposit Receipt

• A buyer will typically submit the sale form with a earnest money deposit. The sale form serves as a receipt for the deposit. The money is typically a check that will be deposited into an escrow account after the offer is accepted. Although not a requirement, the earnest money deposit demonstrates to a seller that the buyer is serious about the purchase of her home. Offers that do not include an earnest money deposit, as well as proof of funds to purchase the property or a lender's pre-approval letter for a loan, will be less competitive among offers that do.
  
  

Terms of the Offer

• The sale form lists the terms and conditions of the offer. There is a contingency period specified in the contract that allows the buyer a certain amount of days to conduct investigations of the home, get a loan approval, and, if needed, a home appraisal. If these contingencies cannot be satisfied the buyer has the right to cancel. The contract also specifies the expected condition of the property when transferring title which includes items attached to the home to be included in the sale.
  
  

Date of Possession

• The sale form will specify the date the buyer will take possession of the home. The title is officially transferred once it is recorded. The seller will receive the proceeds from the sale of his home once the title is recorded. Typically the date of recording will be the same date the buyer takes possession of the home. There are circumstances when the seller remains in the home after the close of sale. The seller would be considered a tenant.