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The right purchase offer may help a real estate transaction

| Jan 17, 2019 | real estate law |

The real estate market is competitive. Many potential homebuyers, real estate investors and other parties may be interested in the same piece of property. Because this commonly happens, interested parties often bid by making competing purchase offers. This part of the real estate transaction process is important, and mistakes could result in rejected offers.

First, individuals looking to purchase property in New York need to make sure that they utilize the correct purchase offer form. The form should suit the particular property involved, such as one for a new construction residential purchase, and it needs to be the proper state-specific form. The wrong form could easily result in the seller having to reject the offer and the prospective buyer having to find the correct form and resubmit an offer. By that time, the seller could have accepted a different offer.

The offer also needs to include the right information. Vague acceleration clauses are often not considered bona fide offers, and if a buyer has a specific price to offer, that price needs to be put down in writing. While a real estate agent could offer some advice on naming a price, deciding on the exact amount remains up to the prospective buyers.

When individuals find the homes of their dreams, they do not want anything standing in the way of a successful real estate transaction. However, any little mistake or noncompliance with the law could result in delays and possible missed opportunities. To ensure that the purchase offer process and other parts of the transaction go as smoothly as possible, interested parties may want to consult with New York real estate attorneys.