A doc serving as a proper proposal to buy property, sometimes delivered electronically. This communication outlines the possible purchaser’s phrases, together with the supplied value, contingencies, and proposed time limit. For instance, a accomplished model may specify an quantity under the itemizing value, topic to a passable dwelling inspection and financing approval.
Its utility lies in its effectivity, permitting for fast communication between purchaser and vendor. This format ensures a transparent report of the preliminary phrases, facilitating negotiation and stopping misunderstandings. Traditionally, such affords had been transmitted by way of bodily paperwork, resulting in delays; digital transmission streamlines the method considerably.
