The offer outlines: 

- how much the buyer is willing to pay;
- when the buyer would like to take possession;
- any conditions attached to the offer; and,
- when the offer expires. 

As an act of good faith, the buyer will make a deposit with the offer. A good deposit will often show the buyer’s sincerity. 

Along with this, the buyer may:

• attempt to "low ball" you, and submit an offer much lower than your asking price
• attach conditions to the offer

You don’t have to accept the offer. You may wish to make a counter offer that comes partway to meeting the offer’s conditions. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale. 

The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. You may want to have it reviewed by your lawyer before signing.