Writing an Offer
We often receive questions from out-of-state and international buyers who want to understand how the offer and sales process works here in Utah. As your Buyer's Agent, we work for you and will carefully guide you through the entire process. Once you find a property you like, writing an offer is quick and simple. In Park City, Utah, we generally do not accept verbal offers; all offers must be in writing. We can submit an offer to a seller without needing to deliver upfront Earnest Money. We prepare your offer using state-approved forms and get them ready for your signature, based on your instructions and our guidance. Signing is easy in today's tech world with Docusign, which allows you to receive an email, click the link, review the contracts, and sign digitally—even from a smartphone. No more fax machines or FedEx. Once everything is properly signed, we submit the offer to the seller's agent.
Tips on writing a successful offer (Coming Soon):
Below is a description of the forms we typically will use in writing an offer for you:
Buyer Representation Agreement
This is where you officially hire our brokerage, Summit Sotheby's International Realty, and us as your agents to represent you in a purchase. The form notes that Sotheby's charges a set brokerage fee (commission) to the Buyers. The payment of this fee is your responsibility, but we typically have success requesting that the seller cover it from the sale proceeds. If you would like to learn more about this, visit our Buyer Representation page.
Buyers Due Diligence Checklist
This form highlights all the different things you, as a buyer, should think about, consider, or ask questions about. We may not always be the one to answer your questions, but we are here to help guide you to the answers. Just remember, we are your guide throughout the transaction.
Limited Agency Agreement & Disclosure
If the realtor representing the Seller is also at Summit Sotheby's, so we will need to include this form. If we are the listing agents for the property you are offering on, we use this form instead. In Utah, we call this Limited Agency; other states refer to it as Dual Agency. If we are going to be limited agents or if our brokerage will act as a limited agent, we will discuss the situation in more detail. In our view, if limited agents treat both the Seller and Buyer fairly and ethically, a limited agency transaction can proceed smoothly.
Wire Fraud Scam Alert
This is a common issue today, so this form alerts you to this potential risk. Never wire funds unless you have confirmed the source of the instructions and/or verified the destination provided by them. Hackers constantly try to access Realtor, Mortgage, and Title company emails to send fake wiring instructions and divert funds to their offshore, untraceable accounts.
Real Estate Purchase Contract (REPC)
This is the official purchase agreement, or offer to purchase. We usually fill in the open fields with terms that are standard practice in our market for a purchase. For Earnest Money, we typically enter an amount of about 2% of the purchase price, though we often recommend a higher amount to make the offer more attractive. Your EM is not due until we receive an accepted contract. After that, you will have four days to wire the funds. The EM is fully refundable up to your Buyer Due Diligence deadline, which we usually set between 14 and 21 days after contract acceptance. Additionally, your EM is refundable if the property does not appraise, if that is a contingency in your offer. The Appraisal Deadline we generally set at 35 days from acceptance, as this is the standard timeframe required by the lender. The Closing or Settlement Deadline is typically about 30 days for a cash sale or 42 days for a sale involving financing.
Addendum / Counteroffer to REPC
During the offer process, all counteroffers are made in writing using this form. Any requested changes to the REPC after we are officially "under contract" are also documented in writing with this form.
Personal Property Transfer Agreement & Bill of Sale
This form covers furniture, furnishings, and other personal items such as kitchenware that may be requested for inclusion in the sale. We will specify that major electronics, wall-mounted TVs, central sound systems, AV equipment, etc., are expected to be included. As part of the Seller’s Disclosures, the Seller will provide an inventory of items for our review and approval during your Buyer Due Diligence period.
Acceptance of Your Offer
Once your offer is accepted by the Seller (or once you accept the Seller's counteroffer), you will then be considered "Under Contract" (the same as In-Escrow). Once under contract, you must send your Earnest Money Deposit within 4 calendar days via wire transfer. The Earnest Money is typically held at our Summit Sotheby's brokerage trust account or at the title company. If you cancel the contract during your Due Diligence period, you will receive a full refund of your earnest money. You can cancel for any reason or no reason at all—it's pretty simple—but written cancellation must be made before the due diligence period ends. If you cancel after the Due Diligence deadline, you most likely will not get your Earnest Money back.
Transaction Document Receipt
Once we send you all the required Seller Disclosure items as described in the REPC, we use this form to confirm that you have received all the documents. We will note each document on the form, and you will be asked to initial next to each and sign at the bottom. This only verifies receipt of the documents; it does not indicate your approval of them.
Buyers Notice of Cancellation
If you, as the Buyer, find the Seller's Disclosure documents unacceptable or are not satisfied with your property inspections, you may cancel the contract before your due diligence deadline specified in the REPC. Cancelling is as simple as signing and submitting this one-page form.