Master the Purchase Agreement | Realtor Tips for Submitting Winning Offers
The purchase agreement is one of the most critical documents in a real estate transaction. It outlines the terms of the sale, protects your client’s interests, and ensures a smooth closing process. Whether you’re a new agent learning the ropes or a seasoned pro looking for a refresher, mastering Form 310 is essential. Here’s a step-by-step guide to submitting a purchase agreement like a pro.
Why the Purchase Agreement Matters
The purchase agreement legally binds both the buyer and seller to the transaction. It:
- Sets clear expectations for price, contingencies, and timelines.
- Protects your client from unnecessary risks.
- Establishes a framework for a successful closing.
As an agent, it’s your job to ensure this document is completed accurately and submitted on time.
Before You Start: Pre-Submission Checklist
Before filling out Form 310, make sure you have everything you need:
- Pre-approval letter (if applicable)
- Property disclosures
- MLS listing details (double-check for accuracy)
- Your client’s confirmed offer price, terms, and contingencies
- Any specific requirements from the listing agent or seller
A well-prepared offer increases your client’s chances of getting accepted and avoids unnecessary back-and-forth.
Key Sections of Form 310
When completing the purchase agreement, pay close attention to these critical sections:
1. Parties Involved
- Ensure you have the correct legal names of both buyers and sellers.
- Avoid using nicknames or incorrect spellings.
2. Purchase Price & Financing
- Clearly state the offer price and method of financing (cash, loan, etc.).
- If your client is financing, confirm their lender’s requirements.
3. Property Description
- Double-check the address and legal description for accuracy.
- Mistakes here can delay the closing process.
4. Closing Details
- Set a realistic closing date that aligns with financing, inspections, and seller preferences.
5. Earnest Money Deposit
- Specify the deposit amount, form of payment, and escrow holder details.
- Be clear on whether earnest money is refundable under specific conditions.
Adding Contingencies & Special Terms
Contingencies protect your buyer and allow them to back out under certain conditions. Be sure to include:
Financing Contingency – Outlines loan approval deadlines and terms.
Inspection Contingency – Defines the due diligence period.
Appraisal Contingency – Protects the buyer if the home doesn’t appraise at value.
Special Requests – Covers repairs, seller concessions, or additional terms your buyer wants to negotiate.
Submitting the Offer
Once the agreement is completed:
1️⃣ Review it with your client to ensure they understand the terms.
2️⃣ Submit the offer to the listing agent via email (or their preferred method).
3️⃣ Include all necessary documents, such as the pre-approval letter and earnest money receipt.
4️⃣ Follow up with the listing agent to confirm receipt and gauge the seller’s response.
What Happens Next?
After submission, one of four things will happen:
- Acceptance: The seller signs, and the contract is now binding.
- Counteroffer: The seller proposes new terms. Negotiate accordingly and update the agreement.
- Rejection: If the offer isn’t accepted, discuss the next steps with your client.
- Offer Expiration: If the seller doesn’t respond by the deadline, decide whether to extend or move on.
Common Mistakes to Avoid
- Missing initials or signatures – Can delay acceptance.
- Incomplete property descriptions – Leads to confusion and potential legal issues.
- Overlooking important deadlines – Stay organized to avoid missed due diligence, financing, or inspection dates.
- Poorly worded contingencies – Be precise and clear in your terms.
Final Tips for Success
✔ Always review the purchase agreement before submission.
✔ Communicate clearly with your client and the listing agent.
✔ Stay on top of deadlines to keep the transaction moving.
✔ Follow up regularly to ensure progress.
By following these steps, you’ll be well on your way to submitting stronger offers, protecting your client’s interests, and closing more deals with confidence.
Ready to submit your next offer? Let’s make it happen!!!
Thank You & Call to Action
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