How does an offer relate to the purchase contract?
An offer is pretty much a handshake. When a seller accepts an offer from the buyer you’re at the handshake stage at that point. It used to mean a lot more than it does today. After you have that offer it’s important to get into contract pretty quickly because without a fully signed contract on both sides the seller can always take another offer if someone steps in and offers more money. So it’s good to make sure everything’s in a row, you have your attorney lined up, and get the contract as quick as possible.