Prospective buyers and sellers should be aware of the following regarding offers to purchase real property:

1)  Purchase offers and acceptances involve contract rights of the seller and buyer.

2)  Verbal communications do not create an eforceable obligation on the part of the seller a to sell or on the part of the buyer to buy.

3)  Until all material terms of an offer to purchase have been set forth in writting and signed by the proposed buyer, the offer to purchase is not binding on the buyer. Unless and until it is countersigned by the seller, the offer to purchase is not binding on eihter party.

4)  A seller is not required to accept any offer, regrardless of its terms, including a "full price" offer.

5)  A seller is not obligated to offer a prospective buyer a "right of first refusal" or the opportunity to improve his/her offer. Although this could occur in negotiations it is not required.

6)  An offer to purchase when signed by all parties, becomes a binding contract according to its terms, subject to any and all contingencies contained therein.

7)  If contract documents are not fully understood, I recommend consulting and attorney before signing.

8)  In the event another buyer wants to submit an offer to purchase, even though a written offer has been accepted, the lisitng agent is obligated to inform the seller of such an offer.