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Establishing an Agreement
In the United States, oral agreements to purchase real estate are not enforceable. Therefore, every real estate transaction must be based on a written contract. In Pennsylvania, this contract is typically known as an Agreement of Sale or, less often, a Contract of Sale.
A legally binding Agreement of Sale is established through the process of offer and acceptance. The buyer makes an offer to purchase by submitting a detailed Agreement of Sale to the seller, accompanied by a deposit. There is no preliminary "proposal" or "bid" process, as there is in some other states.
So, even if the buyer gives their agent permission to bargain on their behalf, the agent must have an Agreement, signed by the buyer and accompanied by a deposit, in order to present an "offer" that the seller can accept.
If the seller agrees with the terms of the Agreement as submitted on the buyer's behalf, the seller signs it, and it becomes a legally binding document - the deal is on!
If the seller rejects the buyer's proposed Agreement entirely the offer is void, and of no further effect. The seller can then submit a counter-offer, with terms the seller prefers, which the buyer is then free to accept, or the buyer can submit a different offer to the seller.
The key is that both buyer and seller must agree on all terms before a binding Agreement is formed.
In the United States, oral agreements to purchase real estate are not enforceable. Therefore, every real estate transaction must be based on a written contract. In Pennsylvania, this contract is typically known as an Agreement of Sale or, less often, a Contract of Sale.
A legally binding Agreement of Sale is established through the process of offer and acceptance. The buyer makes an offer to purchase by submitting a detailed Agreement of Sale to the seller, accompanied by a deposit. There is no preliminary "proposal" or "bid" process, as there is in some other states.
So, even if the buyer gives their agent permission to bargain on their behalf, the agent must have an Agreement, signed by the buyer and accompanied by a deposit, in order to present an "offer" that the seller can accept.
If the seller agrees with the terms of the Agreement as submitted on the buyer's behalf, the seller signs it, and it becomes a legally binding document - the deal is on!
If the seller rejects the buyer's proposed Agreement entirely the offer is void, and of no further effect. The seller can then submit a counter-offer, with terms the seller prefers, which the buyer is then free to accept, or the buyer can submit a different offer to the seller.
The key is that both buyer and seller must agree on all terms before a binding Agreement is formed.
For Buyers
Finding a Good Agent
Benefits of a Buyer's Agent
Preparing To Buy a Home
Getting Prepared To Buy A Home
First Time Buyers
Renting vs. Owning
How Much Do I Need
How Much Can I Afford?
Income vs. Debt Ratios
Understanding Your Credit Score
Examining Your Credit History
Getting Pre-Approved
Finding A Property
Are You Ready To Find A Property?
Visiting Open Homes
Using A Property Checklist
Other Considerations
Making an Offer
Establishing an Agreement
The Agreement of Sale
What You Need To Know
Negotiating
How Much Should I Offer?
Closing The Deal
Your Responsibilities
Property Information
The Loan Process
Closing Costs
Who Pays For What?
Finding a Good Agent
Benefits of a Buyer's Agent
Preparing To Buy a Home
Getting Prepared To Buy A Home
First Time Buyers
Renting vs. Owning
How Much Do I Need
How Much Can I Afford?
Income vs. Debt Ratios
Understanding Your Credit Score
Examining Your Credit History
Getting Pre-Approved
Finding A Property
Are You Ready To Find A Property?
Visiting Open Homes
Using A Property Checklist
Other Considerations
Making an Offer
Establishing an Agreement
The Agreement of Sale
What You Need To Know
Negotiating
How Much Should I Offer?
Closing The Deal
Your Responsibilities
Property Information
The Loan Process
Closing Costs
Who Pays For What?
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Pro Realty Inc. (814) 825-7761
Fax: (814) 825-1798
Email: pro@prorealty.com
Pro Realty Inc. (814) 825-7761
Fax: (814) 825-1798
Email: pro@prorealty.com