Offer: A prospective buyer’s proposal to purchase a property at a specified price and terms,
presented in writing. An offer can be accepted, rejected, or countered by the seller. When an offer
is accepted and signed by both parties, it becomes a binding purchase agreement (contingent on
any clauses). Example: They made an offer of $250,000 on the house, contingent on a satisfactory
inspection and their ability to secure financing; the seller issued a counteroffer of $260,000, which
they ultimately accepted.