Once a licensee finds a property that a buyer wants to own, the task of writing up the offer begins.
New licensees will focus on the mechanics of learning how to do this. This is an important element. There are usually different versions of purchase agreements that may be used. Licensees should look to his or her broker and local REALTOR® Associations to learn how to legally prepare purchase sales agreements.
In today’s electronic world, offers may be created online with buyers and sellers signing digitally. (Please see your own state laws regarding acceptability of electronic signatures.)
When writing an offer, pay attention to the definition of “date” within the contract used. “Date” may either mean calendar days or business days with the difference having a big impact on when tasks must be completed to move the contract forward.
It is the licensee’s responsibility to ensure that the offer (which once accepted becomes the contract) matches the intended desire of his or her client. For example, if a buyer directed that an offer should include that the washer and dryer stay – then the buyer’s agent writing the offer must ensure that this is specified in the contract.
Be sure to include contingencies which becomes a legal exit strategy for the buyer or seller. Common contingencies include contracts being subject to a property appraising at or above the purchase price. Another common contingency would be to allow the buyer an inspection period to ensure that the property is in acceptable condition.
Taking care and using skill and diligence when preparing a contract is the key to ensuring that all parties involved are happy at the end of a real estate deal.
By Pamela Kemper, Instructor
Azure Tide All Florida School of Real Estate
For more information see references:
Florida Real Estate Sales Associate Post-Licensing Excellence by Pamela Kemper
This is the chosen resource material for Azure Tide Florida Real Estate 45-Hour Post-Licensing Education Course.