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Get How To Fill Out An Offer To Purchase
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How to fill out the Offer To Purchase online
Filling out an Offer To Purchase (OTP) is a critical step in real estate transactions. This guide will help you navigate the process seamlessly, ensuring you complete each section accurately and confidently.
Follow the steps to complete the Offer To Purchase efficiently.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Begin by entering the agreed purchase price, which is the amount the seller has consented to sell the property for.
- Enter the deposit amount, typically around 1% of the purchase price, in the form of a check made payable to SUPERIOR TITLE & ESCROW OF KANSAS CITY. This earnest money will be held in escrow and is usually refundable if the sale does not close.
- Indicate that the offer is conditional. Clarify to the buyer that the OTP acts as a binder, and that a formal sales contract will be prepared by the seller’s attorney based on the information in the OTP. The seller should present this contract within 5 days.
- Specify that the buyer must prove their ability to secure a loan within 5 days for the purchase of the property, as this is a condition set by the seller.
- If the buyer opts for a home inspection, note that the seller should allow up to 15 days for its completion, and the buyer will be responsible for the cost.
- The seller needs to guarantee that the property is free of liens and encumbrances, which will be stated through the title insurance acquired at closing.
- Identify the closing date, which will also serve as the possession date for the buyer.
- Clarify if the buyer’s offer is contingent upon the sale of their current home. A non-contingent agreement is generally preferable for both parties.
- In the section for other terms, jot down any verbal agreements made between the buyer and seller, such as inclusions like appliances, or any repairs that will be addressed. If more space is required, attach a separate sheet with additional notes.
- Once all sections are filled out, review the information for accuracy. After confirming everything is correct, save your changes; you may download, print, or share the completed form as needed.
Start filling out your Offer To Purchase online today for a smooth real estate transaction experience.
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