After reviewing all the terms of the purchase contract, if you agree to everything, you will just need to sign the contract and check you are accepting it.
Skip down to Section 9 of the contract:
You will not need to fill these out as you do not have an agent representing you.
Fill these out, sign, and date to accept. Do not check the box that says “Counter Offer is attached” unless you want to counter. Do not check the box that says “Offer rejected by seller” unless you want to reject it.
You’ve received an offer! Great. But, you dislike some of the terms. Maybe you want a little higher purchase price, or you don’t want to pay for a home warranty, or you need to extend close of escrow for a week because your mother is staying with you.
It could literally be anything. Almost every portion of the contract is negotiable, but most commonly, you’ll just be countering on price.
AAR owns these forms and as such I cannot display them on my website. You can go get the counter offer if you want to see it ahead of time from AAR Sample Forms here, then click “Counter Offer”.
You’ll actually need to go back to the Purchase Contract you’ve received for step 1.
You see this little box on line 467 just above where you need to sign your name? If you are countering, you just check this box, and then you need to sign and date the document. This means you’ve received it, you read it, and you are counter offering.
Note: Signing and returning this document without checking this box is accepting it (agreeing to it). If you intend to counter, you MUST CHECK THE BOX!
Since AAR owns the forms and only licensees can use the forms, if you intend to counter, you’ll need to contact the buyer’s agent and get a counter offer sent over to you. They may send you a blank form you can fill out in pen, or they may send a document you can fill out and sign digitally. Regardless, here is how to fill it out.
At the top it says Counter Offer _________
Write “1” if this is the first counter offer. Every counter offer needs a number to help keep track of them if there end up being multiple.
1) This counter offer is originated by
2) This is a counter offer to
if this is the first counter offer, check “Offer”
if this is a counter to a counter offer, check “Counter Offer”
the date is the contract date. It is probably today if you signed the contract today. If not, it is the day the last party (usually the seller) signed the contract.
3) Seller/ Landlord
found at the top and bottom of the purchase contract
is obviously your address or the home they are trying to buy
6) Acceptance is contingent upon agreement to the following:
Basically this means, “Hey I’ll accept all your terms except these ones”
7) You write here what you want to change. Just use basic English. Don’t try to sound fancy. Don’t say what it was, just what you are offering.
Example: Purchase price to be $269,000
Close of escrow to be 3/6/1945
Seller will not pay for home warranty
Corvette currently in garage will not be included in the sale
19) Time for acceptance
Enter the time you will give them to think about it
26) Sign and Date here
leave this section blank. It is for the buyer to use and fill out.
You can do nothing and the offer will expire at some point (found in section 8.o line 437 of the Purchase Contract).
However, brokers like to have actual rejections so they can move on with their clients and make an offer on another property.
If you would like to reject it, check the box at the very bottom of the contract:
Line 473 “Offer Rejected By Seller” and then date and initial it.