You've found the perfect home, are are ready to act. What happens next?

Once the decision to buy has been made, the next step is a firm written offer to purchase accompanied by a substantial earnest money deposit. The real estate agent can prepare the paper work, which becomes your "offer" until it is accepted by the sellers.

Until accepted as written, the offer can be withdrawn at any time by notifying the agent who prepared the offer. An offer may also be written with an automatic cancellation clause such as: "this offer becomes null and void if not accepted by midnight three days from the date of the offer." 

The offer becomes a binding contract the moment it is accepted by the sellers. If not accepted as written, the sellers may make a "counter-offer". This may also be withdrawn at any time before being accepted and signed by the buyers. Buyers and sellers may make any number of offers and counter-offers before finally gaining the acceptance of the other parties.

Offers may also be rejected outright, with no further counter-offers being made. This ends the negotiations, although either party may renew the negotiations by making a new offer for consideration. Once signed, the offer becomes a binding contract which contains all details agreed to all the buyers and sellers.