Contracts
In Arizona, an 'offer to purchase' is defined as:
AA legally binding promise to buy the property
BA proposal by the buyer setting forth the terms under which they are willing to purchase, subject to seller acceptance✓ Correct
CA guarantee that the buyer will close
DThe same as an executed purchase contract
Explanation
An offer to purchase is a proposal—not yet binding—setting out the buyer's proposed terms. It becomes a binding contract only when the seller accepts all terms and communicates the acceptance to the buyer.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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