In real estate, what is an "offer"?

An "offer" in real estate refers to a formal proposal made by a buyer to purchase a property. This is a crucial step in the transaction process, as it indicates the buyer's intent to acquire the property under specific terms and conditions, which are typically outlined in a written document. The offer will detail the purchase price, any contingencies such as financing or inspections, and other important aspects like the desired closing date.

This formal proposal is essential because it sets the stage for negotiations and can lead to a binding contract if accepted by the seller. Once the seller reviews the offer, they can accept, reject, or counter it, which highlights the structured nature of real estate transactions.

In contrast, a request for information on a property does not constitute an offer, as it lacks the intent to purchase. Similarly, an inquiry about available listings is merely a preliminary step and not a formal action toward acquiring a property. Lastly, while negotiations occur after an initial offer is made, the negotiation process itself does not define what an offer is—rather, it involves discussions following the submission of an offer. Thus, the definition of "offer" is firmly anchored in the formal proposal made by the buyer.