Welcome back to Weekly Word Wizard ! This week we will talk about the terms used in Property Purchase.
Offer: The price the buyer offers to pay the seller. If it’s accepted, the seller’s legal team drafts the sales contract.
Counteroffer: If the seller rejects an offer, the buyer can make a counteroffer to try to meet the seller’s demands. The seller may also issue a counteroffer after receiving the buyer’s initial offer or counteroffer.
Earnest Money Deposit (“Good Faith” Deposit): A buyer can submit a deposit with their offer to show that they are serious about buying the house.