What is an “offer”, and why do real estate agents always want written offers?
A formal offer is more than an indication of the amount a purchaser is willing to pay for a property. It is a written confirmation that the purchaser wants to buy the property, and be legally bound to proceed with the purchase. Purchasers usually want some indication from the real estate agent as to whether the vendor will accept the amount the purchaser is prepared to pay for the property, before they commit themselves in writing. Instead of giving the purchaser a direct answer, most real estate agents will request a “written offer”. Extreme caution should be exercised before submitting anything in written form, including letters, notes or even emails and SMS’s, as they could result in a binding contract.
