What does the offer to purchase determine in a real estate transaction?

The offer to purchase is a critical document in a real estate transaction as it outlines the terms and conditions agreed upon by the buyer and seller. One of its primary functions is to specify what items are included in the transaction. This may encompass not only the real property itself but can also detail whether certain appliances, fixtures, or other personal property will be included in the sale.

Understanding the inclusions is vital, as they can affect the overall value of the transaction and the expectations of both parties. For example, if a buyer expects appliances to be part of the purchase but the offer does not explicitly include them, this could lead to disputes later on.

While the closing costs, timeline for closing, and commission percentages are certainly important aspects of a real estate transaction, they are often determined through negotiation and discussed in the overall contract terms but are not the primary focus of the initial offer to purchase itself. The offer primarily serves to establish the fundamental agreement on what is being sold and included in the sale.