In Florida, an offer to purchase a home should be in writing and should be accompanied by a good faith deposit. Negotiating a contract varies from one country to another … and even between states. Verbal offers in Florida are non-binding, and ineffective. Contract terms should be specific, with all contingencies spelled out and clearly defined. All time frames should be outlined (with no conflicting terms). The offer should include the property address and legal description, full names of buyer and seller, amount offered, any subsequent deposit amounts & due dates, amount deposited in escrow, name of the party holding escrow (attorney, Realtor, or escrow agent), closing date, inspection deadlines, contingencies, addendums, appraisal stipulations, cash (if that’s the case), financing terms & deadlines for obtaining a financing commitment (if the sale is contingent upon lender approval), inclusions, exclusions, seller contributions if any, broker commissions, additional terms or conditions (if any), and a specific time-frame for seller acceptance.
Offers should be submitted together with a lender’s pre-approval letter, or in the case of an all-cash-offer: proof of funds to close (from a financial institution).
A seller can accept the offer outright, by signing, dating & delivering the contract back to the buyer. Or the seller can reject the offer. Or the seller can counter back by adding, deleting, or altering any of the terms or conditions. Any change whatsoever made to the contract from how it is presented, constitutes a counter-offer back to the other party. Either party can accept , refuse or counter in return at any point… until the final terms are agreed upon.
In Florida, either buyer or seller can withdraw their offer (or counter-offer) at any point in time, up until final acceptance by the last party, and relayance of that acceptance back…. in writing. The effective date of the contract, from which all timeframes begin, is the date the last party accepts the final terms of the other party, and relays that acceptance back. Perhaps you’ll find these links useful: Tips for BUYERS … Tips for SELLERS..
From personal experience, I’ve found that the cleaner the terms, the more amenable the negotiations. By simplifying negotiations, adding personal elements, and honing in on the important aspects of the purchase ( …letting go whatever doesn’t matter) there’s a more solid comfort level. Giving the seller a sense of who the buyer is, and what the buyer loves about the house, regardless of whom I’m representing, adds a human aspect to the sale/purchase. No matter what, there is undeniably a very personal element to buying and selling a house… on both sides… and I don’t ignore that.
I invite you to explore my Blog and Website www.MiamiRealEstateCafe.com tips on buying and selling property in South Florida. If you are considering buying or selling real estate in Miami, please give me a call at (305) 793-1365, or send me a note.
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