Purchase Offer

Definition - What does Purchase Offer mean?

A purchase offer is an official offer by one party to buy property from another party. Purchase offers are commonly used in real estate. If the selling party declines the purchase offer, then the buying party can alter or adjust the purchase offer to try to entice the seller into accepting it. If the selling party accepts it, then the property can officially be sold to the buyer.

Justipedia explains Purchase Offer

An example of a purchase offer would be a man who wants to buy a house offering $400,000.00 for the house to the seller. If the seller likes this number, then the two parties can agree to the sale and the property can be transferred. However, if the selling party does not like the offer, then he or she may seek purchase offers from other potential buyers. Sometimes, other purchase offers come in, and sometimes they don't.

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