What's the difference between an Offer and a Contract?

If you looking to buy or sell a home in Wellington Florida there are two words you should understand and know the difference between; “offer” and “contract.” While one can lead to the other, they are not the same thing, in fact they are very different.

So what is the difference between an offer and a contract?

An offer is what a buyer makes, typically in writing, to the seller and includes the terms they are offering. A seller may choose to accept the buyers offer, counter their offer with their own offer or decline it. Yes, Wellington home sellers are not required to accept or counter a buyers offers, even if the buyer offers the full asking price or above, a seller has the right to decline all offers.

If both parties come to terms and agree in writing the offer then becomes a contract, but both parties must sign the offer in order for it to become a contract, commonly referred to as an executed contract. Once a contract exists both parties must perform according to the terms they agreed to, if one party does not perform the performing party could file a lawsuit against the non-performing party.

Still have questions about the difference between an offer and a contract? Just let us know, we will be more than happy to help you understand.

Are you looking to buy or sell a home in Wellington Florida? Let us walk you through the entire buying or selling process from start to finish. We will educate you along the way and make sure you understand the different terms involved when purchasing a home in Wellington Florida. Contact us today by calling 561-333-0446 or send us an e-mail @ Contact@WellingtonHomeTeam.com.

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