Offer to Purchase

An Offer to Purchase is the initial written offer a buyer makes on a home. In Massachusetts it carries real weight: once the seller signs and the buyer delivers the deposit, courts have treated a standard Offer to Purchase as a binding contract, even though a fuller Purchase and Sale Agreement usually follows within a week or two. The offer spells out price, the deposit amount, closing date, and any contingencies such as financing or inspection. In Rhode Island the equivalent role is filled by the Purchase and Sale Agreement itself, so the two states differ here. Because signing can lock you in, review the terms carefully before you sign, and understand how your earnest money deposit is handled.