- The amount someone is willing to pay for something.
- In real estate, it is the amount of money a buyer proposes to the seller in hopes of getting the property at a reduced price.
request, proposal, feeler, suggestion, proposition, tender, price
Related Terms and Acronyms
- Acceptance — Definition,
- A property seller's formal, written approval of a buyer's offer.
- Exchange — Definition,
- A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
- Letter of Intent — Definition,
- A formal notification that a buyer intends to buy property. It is not legally enforceable.
- Purchase Agreement — Definition,
- A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
- Rebate — Definition,
- A manufacturer's reduction on the price of a car as an incentive to buyers. Rebates appeal to people with no credit or less-than-perfect credit who cannot qualify for the lowest-rate loan. A rebate may also appeal to first-time buyers who don't have a lot of cash for a down payment or another car to trade in.