A document serving as a formal proposal to purchase property, typically delivered electronically. This communication outlines the prospective buyer’s terms, including the offered price, contingencies, and proposed closing date. For example, a completed version might specify an amount below the listing price, subject to a satisfactory home inspection and financing approval.
Its utility lies in its efficiency, allowing for rapid communication between buyer and seller. This format ensures a clear record of the initial terms, facilitating negotiation and preventing misunderstandings. Historically, such offers were transmitted via physical documents, leading to delays; electronic transmission streamlines the process significantly.