Information for Buyers, terms in an offer and purchase contract for real estate, commercial, residential and business real property.

Terms you may wish to consider placing in your "offer"
      As a Buyer, there may be many conditions or "terms" you would want to place in any offer to purchase real estate. For example, you may need to sell your existing home or other property before you can buy the new property.   Therefore, the sale of your other real estate should be made a condition to the contract.   You may desire a long escrow period to allow you time to acquire financing or to otherwise arrange your affairs before closing escrow.
     Sellers typically want a short escrow so that they won't have to make additional loan payments or because they want to move or buy another piece of property. The real estate agents also want a quick escrow for obvious reasons.
            There are many other terms and conditions that you may require to be properly worded and placed into your "offer" to protect your interests or to suit your particular situation.   At the Armstrong Brokerage, we can properly draft your offer for you to include all the provisions to suit your

What is Escrow? Escrow is a process performed by an escrow company or title company. They act as a neutral, third-party to the transaction. They collect and draft the deeds, prorate the taxes and other expenses to the date of closing, collect the money from the buyer, and, on the date of closing, record the deed to the property in favor of the Buyer and issue a check to the Seller for his/her proceeds. An escrow company can only act by way of instructions of both parties. No one party to the transaction can control or direct the escrow. Escrow performs the tasks necessary to carrying out the terms of the "offer-contract."

Today, a properly drafted real estate purchase contract will also contain instructions to the escrow company. It will instruct them when to close escrow, which fees and costs will be charged to either the buyer or seller or both and other instructions important to closing the transaction. The escrow company will likely have you sign their own contract and their “version” of the escrow instructions, which may or may not include all of the “escrow instructions” contained in your real estate purchase contract - another reason to be represented by, and have your contracts prepared by, a qualified professional.

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