Here are 10 basic tips to guide you.

1. Use the Correct Forms

2. Determine Price

Barring extreme buyers’ markets or sizzling sellers’ markets, you will probably want to offer a bit less than you expect to pay. You can ask for guidance, but don’t expect your real estate agent to name a price for you. Picking buyer’s prices is not an agent’s job.

3. Make an Initial Deposit

In most states, to have a binding offer, you need to make a good faith deposit. It could be cash, personal check, cashier’s check or other modes such as personal property, real property, mortgages or unsecured promissory notes.

Spell out who will hold the deposit — almost anybody but the seller!

If your state has “liquidated damages,” the seller could be entitled to retain your deposit if you default under the contract.

4. Disclose your Down Payment

Your down payment could be cash, promissory notes, stocks, real estate or other assets. Generally, it is readily available cash. Some states require verification of your down payment within a certain time period.

5. Name Financing Terms

Please remember that your deposit, when added to your down payment and financing should equal the total consideration paid. Disclose the type of financing you hope to obtain: conventional, FHA, VA, contracts of sale, assumption or other.

6.         Include maximum points, especially if you are asking the seller to pay them.

7.   Include Contingencies

California Association of Realtors (CAR) purchase contracts in California give the buyer by default 17 days to do inspections. Other states are similar.

Many contracts carry provisions for such contingencies as:

·            Appraisal

·           Loan Funding

·            Physical Inspections.

·            Depending on your state law, if you do not remove your contingencies in writing, they may still be in effect, all the way to closing!

8.  Under when possession happens

Is it  on closing? A day after closing?

9.   Understand  Who Pays the Fees

10.. Request Special Reports