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RM Weekly Word Wizard – Terms Used In Property Purchase

Terms Used In Property Purchase

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.

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