If you decide to buy a property in the USA , a certified real estate agent, or REALTOR will prepare what is called an offer to buy . The standard form used for this purpose is called the purchase and sale agreement. Once accepted by the parties, it becomes the contract between the buyer and the seller.
It contains the date of your offer, the description of the property on which you make your offer, the amount of your deposit, the amount you offer (based on the data provided by your REALTOR®), the amount you have planned as a down payment and the financing details, as well as your name and address and the name and address the owner of the property you wish to purchase, the subject clauses, the closing dates, and any special requirements you wish to impose on the sellers.
Presentation of the offer
Once your bid has been prepared and you have signed it, it will be presented to the seller.
REAL ESTATE AGENTS have the right to be present when the offers of their buyers are presented to the sellers, unless the seller has given his written instructions by the broker.
Real estate agents of sellers are required to notify buyers' real estate brokers and agents in advance if more than one bid must be submitted, unless they have received written instructions from the seller to the contrary. If more than one offer is submitted, offers are presented to the seller in the order in which they are written.
Time of decision
Once all offers are submitted, the seller's real estate agent and the seller consult privately and decide how they will handle the offer.
Sellers have the right to treat offers as they wish. Sellers are not obliged to accept an offer even if it is for the asking price. Sellers are not obliged to counter an offer or otherwise respond to an offer, although most do so.
In multiple offer submissions, the seller may accept or reject any offer of their choice, and is not required to process the highest or the first offer if they do not wish to do so.
Real estate sales agents and brokers are required to notify real estate brokers and brokers of the seller's decision in writing, if asked to do so. The seller's real estate brokers and agents are not required to disclose information about other buyers' offers or the seller's reasons for dealing with a particular offer.
As agents of their clients, the brokers and sales agents of sellers and buyers must not reveal confidential information about their customers.
Buyers who participate in a multi-tender submission should consider making their best offer, the first time, to encourage the seller to treat their bid instead of another buyer's bid.
Remember – you : Even if a real estate broker has drafted the buyer's offer, he is not a party to this contract. Real estate brokers and agents can not force their clients to comply with the terms of the contract (or process your offer).
If the buyer or seller does not fulfill the commitments it has made in the contract, the aggrieved party may have legal recourse and seek the advice of a lawyer.