A BID is the amount someone is willing to pay for a property. It is a proposal by a potential buyer in response to a seller's ASKING PRICE. It sets the stage for negotiating the purchase agreement.
Negotiation in real estate refers to the process of bargaining between two or more parties, typically a buyer and seller, aiming to reach a mutually agreeable contract. The successful negotiation results in the formation of a legally binding contract detailing the terms and conditions under which the sale or purchase will proceed.
An offeree is the individual or entity that receives an offer or proposal in the context of a contract negotiation. In real estate, this typically refers to the party that receives a purchase or sale offer.
The 'Offering Price' refers to the amount a prospective buyer offers for a property on the market. This crucial figure determines the start of a negotiation process and can heavily influence the final transaction.
A Real Estate Salesperson is a licensed professional who assists buyers and sellers in real estate transactions, providing expert advice, market analysis, and negotiation skills to facilitate property sales.
