An offer letter is the first document you’ll sign as a client intending to buy a property after you have viewed the property and chosen a house number. It contains the terms of the purchase, the purchase price, and the deposit or the down payment.
Details of an offer letter
- The Legal names of the buyer
- The address of the buyer
- The details of the property the house number and the specific project
- The dates when you’ll make the first payment to the last one
- Conditions of the sale
Why an Offer letter is important
An offer letter is important for the following reasons;
- Firstly, It shows the buyer your interest to buy a property
- Secondly, It eliminates the possibility of two buyers getting the same property. But this is only valid for 14 days
- Thirdly, It not only shows the date you’ll pay the deposit, but it also specifies the completion date of the sale
- To add on that, It outlines the terms in case of a cancellation and if there are nay charges involved in case of a withdrawal.
- It also highlights if there are any extra costs related to the puchase.Read on extra you may incur when buying a house.
- Lastly, It gives room for a search of the title. The seller gives the client their lawyer a copy of the title to determine legitimacy of the property.
The bottom line
As a buyer, you must know that the offer letter is not a legally binding document. After you pay the full deposit. The offer letter is confirmed.. However, The client is in most cases given up to 14 days to sign and return it to the seller.
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