The Offer to Purchase in New York

By
Real Estate Agent with C21 Alliance Realty Group

This is the fifth in a series of blogs about New York State real estate forms and contracts.

 

You have found the perfect home- The next step is to make an offer to purchase.

The offer will come in the form of an agreement or "binder". This will be part of the negotiating stage of the purchase in which the objective will be to come to a "meeting of the minds" between the buyer and seller. It will lay out the terms in which the buyer agrees to buy and the seller agrees to sell.

The buyer's agent prepares a document that will indentify the parties and the legal address of the property. The legal description of the property is the mailing address, the name of the town and the tax map number. The terms and conditions of the offer are laid out. The offering price is stated. The amount of earnest money, the money down at contract (these are held in escrow by the seller's attorney) and the amount of the mortgage and the cash due at closing. The conditions of sale can be subject to any number of terms such as attorney approval, satisfactory engineer's inspection, sale of the buyer's current home or anything the buyer needs to have before purchasing. These are the contingencies of the sale. The non real estate items that are included in the sale are listed.

In New York State there are several ways to handle the "offer".  I some cases a binder, earnest money, is collected at the time of the offer.

This offer is signed by the prospective buyer and submitted to the listing agent along with the preapproval letter from the lender and the agency disclosure. Once this document is received the seller is notified of the offer and negotiations begin. If the seller accepts the offer as presented this offer is submitted to the attorney's for contract to be prepared.

If the seller counteroffers or refuses the offer this offer is null and void and the buyer is no longer bound to the original offer.

 

This is the fifth in a series about forms and contracts relating to New York State Real Estate- If you missed the prior to go to;

New York State Property Condition Disclosure

 New York State Agency Disclosure

 New York State Lead Disclosure

New York State Listing Agreements

Barbara Carter and Becky Cook

Mother/Daughter Team Realtors

Exit Realty Services

10 Main Street

New Paltz NY 12561

Office: 845 255 HOME Barbara 845 505 3160 Becky 845 853 4210

Visit us on the Web www.UlsterNYHomes.com

Or email UlsterHomes@yahoo.com

Posted by

Real Estate in New Paltz NY 12561 and HIghland NY 12528

Barbara Carter NYS Licensed Associate Broker

Quinn Realty Group
550 Route 299 Highland NY 12528
Cell: 845 505 3160
Office: 845 883 7700   ext 103
 
Please forward my contact information to anyone you feel could benefit from my services- the best compliment I can receive is your referral

 

 

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  1. Becky Cook 08/25/2008 06:36 AM
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327,359
Paddy (Patricia) Pizappi
RJ Smith Realty Real Estate Solutions - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

This is a great series Barbara.  It really explains things in detail

Aug 17, 2008 12:11 PM #1
Rainmaker
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Barbara Carter
C21 Alliance Realty Group - New Paltz, NY
Hudson Valley Barbara on 92.1 Lite Fm

Hi Paddy- I am enjoying writing this series- It is a reveiw for me of my Brokers Class- One of the benefits of long hours in classroom- I hope it is found useful.

Aug 17, 2008 12:15 PM #2
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C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

Barbara, I find it very useful, indeed. Please keep posting these. Love, C.

Aug 18, 2008 12:44 AM #3
Rainmaker
142,312
Barbara Carter
C21 Alliance Realty Group - New Paltz, NY
Hudson Valley Barbara on 92.1 Lite Fm

C-Will do! Thanks

Aug 18, 2008 05:38 AM #4
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Barbara - An important part of our service is to educate the public and you are doing a great job.

Aug 18, 2008 07:20 PM #5
Rainmaker
142,312
Barbara Carter
C21 Alliance Realty Group - New Paltz, NY
Hudson Valley Barbara on 92.1 Lite Fm

Jennifer- Thanks, I am enjoying writing it.

Aug 18, 2008 08:02 PM #6
Rainer
26,817
Becky Cook
EXIT Realty Services- New Paltz, NY - Highland, NY
Ulster County, NY- New Paltz, Highland, Marlboro, NY Real Estate

Great information.  It's important for people to understand what they're signing.  Sometimes in the excitment of submitting an offer, there's so much to think about.  Thanks for continuing to educate buyers and sellers!!

Aug 19, 2008 06:17 AM #7
Rainmaker
142,312
Barbara Carter
C21 Alliance Realty Group - New Paltz, NY
Hudson Valley Barbara on 92.1 Lite Fm

Becky- it is the teacher/catechist in me! I enjoy writing this series- thanks

Aug 19, 2008 07:02 AM #8
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Rainmaker
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Barbara Carter

Hudson Valley Barbara on 92.1 Lite Fm
Ask me a question, I am always here to help
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