Offer to purchase

The offer to purchase or purchase offer is a document signed by each of the parties prior to the deed of sale. This is an important document, since it is a bilateral promise of purchase and sale, which legally binds the parties upon signing. It is a contract to contract, because it implies that the signing of another contract, the sales contract, shall be completed between the parties.

The offer to purchase will include the identification of both parties and a detailed description of the subject property (address, description, measurements and land area). It will also specify if the offered property is held in divided or undivided co-ownership, and if it has parking and storage spaces.

The offer to purchase will also contain the sale price and the payment method, specify the deposit issued upon acceptance of the offer, the obligations of the buyer and seller, the conditions and guarantees of the sale, the inclusions and exclusions, the preparation a location certificate, etc.

The offer to purchase should also include deadlines for the inspection of the property, the expected date of the sale transaction, the expected date of occupancy and the date on which the offer becomes null and void, to allow the seller to put the property back again on the real estate market.