Purchase Offer
Under English property law when a buyer makes a verbal offer, or a seller verbally accepts an offer, this is not binding. A purchase offer is where a potential buyer makes an offer to purchase a property; once the offer has been accepted, the buyer and seller will negotiate an agreement for the sale which, when signed by both the buyer and seller and dated (this is known as the "exchange of contracts"), becomes a legally binding contract, sometimes called the sale contract. The sale contract will indicate the amount the buyer will pay and may also include such details as which appliances will be included in the sale and the date on which completion of the sale should take place. In some countries, such as India, the final document is known as a sale deed. The deed must be registered before it is considered valid.
