Offer (Purchase Offer)
An offer is a buyer's written or verbal proposal stating the price and key terms under which the buyer is willing to purchase. If the seller accepts without condition, it forms acceptance in principle; if the seller changes terms, it becomes a counteroffer.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Offer / Negotiation
- Property types
- Residential Sales
Read more in the Knowledge Base
- The Clean OfferSellers
- Competitive Offer Structuring: Beyond Nominal PriceSellers
- Backup Offer Positioning StrategySellers
- Financing Risk Score: How to Underwrite a Buyer's OfferSellers
- Offer Deadline Game TheorySellers
Related terms
Residential Sales Terms
- Agency Disclosure
- Appraisal
- Attorney Review Period
- Best and Final Offer
- Earnest Money Deposit
- Mortgage Contingency
- Property Condition Disclosure Statement
- Transfer Taxes (NYS RETT, Mansion Tax, NYC RPTT)
General information, not legal, tax or financial advice.