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The Offer To Purchase and Contract

The Offer to Purchase and Contract is the NC Real Estate Commission approved document for use by NC Real Estate Agents in real property residential transactions. You will have received a copy of the OTP/C from us on drawing up the Listing Agreement. We will review this document thoroughly with you. The Offer includes many provisions which we will make sure you understand. We will make sure it is clear what your obligations are in the accepting an Offer, or in making a Counter-Offer that may be accepted - thus creating a contract.

Earnest money is usually part of the process. We will discuss with you the range of the amount of earnest money acceptable to you to accompany the offer. Of course, the acceptable amount is completely up to you. We will make sure you understand what earnest money, is, what is done with it in the transaction, and what happens to it should a situation arise where there is a dispute as to its disbursement.

Receiving an Offer

Once the Offer is written and communicated to us, we will immediately contact you to inform you of the Offer and the details. We will meet with you to go over the Offer. Another option is for the buyer’s agent to present the Offer directly to you. In this case, we would be there with you to hear and receive the Offer. The offer may include an Additional Provisions Addendum, or a Contingent Sale Addendum. These are addendums which are noted in, and attached to the offer by the prospective buyer which include other provisions of their offer which document the interests of the buyer. If they are included, we will review them with you to make sure you understand what the provisions mean, what the prospective buyer is proposing by them, and what it means to you in the sale of your home.

Offer Acceptance, Rejection, Counter-Offer

As a seller receiving an Offer, you have several options for a response. It is important to know that anytime prior to a response of any kind from you the Buyer may retract his/her offer through communication to us as your agent through a variety of means. We will make sure you understand this process. On receiving the Offer you may do one of the following: Accept it, Reject it, or make a Counter-Offer. The first two possibilities are clear. The third option is essentially a rejection but indicates that you want to continue in negotiation. This means that you have chosen to change one or more of the provisions in the Offer, or to add new conditions or provisions. The Counter OTP/C is normally communicated back to the prospective buyer who then has the same options as you on receiving an offer.

Another possibility in response to the received offer is to use the form, Memo to Buyer. This a memo from you indicating what type of Offer you would possibly entertain. While this does not represent a Counter-Offer it does give the buyer information as to what might constitute an acceptable offer to make on a property.

Negotiation

Coming to terms with a Buyer on the purchase price and conditions in an Offer is sometimes relatively easy, and sometimes very difficult. As your agent, we will represent you and your interests to the fullest in negotiations. Also, we will professionally manage the communication between the Buyer and you so that it is accurate and clear. We will also give you our professional opinion as to the terms of negotiation, knowing that ultimately it is your choice as to what terms to offer. In negotiations, our purpose is to serve you and your interests alone.

Offer Acceptance - Contract

It is important to note that any change you make in the Offer received from the Buyer for a Counter-Offer is a rejection of the original OTP/C, as is any change the Buyer might make in a Counter-Offer back to you. In other words, Offer and Acceptance must mirror each other exactly in both acceptance and written agreement by both parties. We will discuss with you how an Offer becomes a contract through acceptance, what constitutes acceptance, and how and when acceptance occurs.