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Real Estate Selections and Bids

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REAL ESTATE SELECTIONS AND BIDS

Parties

Buyer Name:

Seller / Builder Name:

Property Identification

Financial and Transaction Terms

Base Purchase Price: $

Earnest Money / Deposit Amount: $ Due Date for Deposit:

Financing Contingency (days): Inspection Period (days):

Estimated Closing Date: Possession Date:

Selections and Bid Items (Itemize all selections, alternates, and bidder proposals)

Instructions: List each selection or alternate as a separate line. Include bidder name, unit price, quantity where applicable, and extended total. Seller acceptance of any bid shall be made in writing below and will adjust the Purchase Price or be treated as an addendum.

Selection Description
Bidder
Unit Price
Qty
Extended Total
$
$
$
$
$
$
$
$
$
$
$
$

Selection Acceptance / Seller Response

Seller shall accept or reject each bid item in writing. Acceptance will create an amendment to the Purchase Agreement reflecting the adjusted price or allowance. Seller response for Item 1: Accept Reject

Seller response for Item 2: Accept Reject

Additional seller response notes or amendments:

Disclosures

Lead-Based Paint Disclosure: Seller discloses presence of lead-based paint? Yes No

Mold / Water Intrusion: Seller discloses prior material mold or water intrusion? Yes No

Prior Structural Damage / Repairs: Yes No

Default, Remedies, and Change Orders

Change Orders: All accepted selections that alter cost or scope shall be memorialized by a written change order signed by both Buyer and Seller. Change orders shall specify pricing, payment timing, and effect on the schedule. Absent a signed change order, Seller is not obligated to perform the work identified by any bid.

Default and Remedies: Material breach by either party permits the non-breaching party to pursue all remedies available at law or in equity, including specific performance where appropriate, and recovery of reasonable attorneys' fees and costs if provided by contract or statute.

Insurance and Indemnity

Contractor Insurance: All bidders performing work shall maintain liability and workers' compensation insurance in amounts customary for the trade. The Seller/Builder shall be named on the certificate of insurance where required. Indemnity: Each party shall indemnify and hold harmless the other from claims arising from that party's breach or negligence in performance of accepted bid items.

Governing Law; Entire Agreement

Governing Law: This Selections and Bids document and any accepted change orders shall be governed by the laws of the state where the Property is located. Entire Agreement: This document, together with the Purchase Agreement and any fully executed change orders, constitutes the entire agreement between the parties with respect to selections and bids and supersedes any prior negotiations or understandings related to the same.

Certifications and Acknowledgments

Buyer and Seller certify that the information provided in this Selections and Bids form is true and complete to the best of their knowledge. Acceptance of any bid item by Seller will modify the Purchase Price or allowances only as expressly stated in a signed change order or written acceptance. Buyer acknowledges that certain selections may impact construction schedule and final close of escrow.

Buyer (Print Name):

By:

Date:

Seller / Builder (Print Name):

By:

Date:

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What the Real Estate Selections and Bids document is

The Real Estate Selections and Bids form documents options, pricing, and formal offers in property transactions or project procurements. It records property identifiers, bidder names, detailed line-item pricing or allowances, contingency terms, deposit amounts, and proposed timelines so parties can compare offers and establish a clear, auditable record of selections and commitments.

Why accurate selections and bids matter

A clear selections and bids record reduces misunderstandings, enables apples-to-apples comparisons across offers, and preserves evidence of terms and acceptance. Properly completed forms help accelerate review, support compliance with disclosure rules, and limit downstream disputes.

Why accurate selections and bids matter

Who typically prepares and signs these documents

Typical participants include agents, buyers, sellers, contractors, and project managers who need an auditable offer record before contract formation.

  • Real estate brokers and listing agents who collect selection details and coordinate bids with stakeholders.
  • Buyers, investors, and developer teams submitting formal offers with deposit terms and contingencies.
  • General contractors and subcontractors providing line-item bids, allowances, schedules, and milestone dates.

Signers vary by role and transaction type; document routing and signer authority should be defined up front to avoid invalid or late submissions.

Core sections that make a professional selections and bids form

A complete form organizes offer elements so reviewers can compare price, scope, and conditions quickly. Include explicit acceptance mechanics and signature blocks to establish binding intent.

Property ID

Legal description, parcel number, or full street address plus unit or lot number. Precise identifiers avoid ambiguity and ensure the bid applies to the correct asset.

Scope of Work

Detailed tasks, inclusions, and exclusions for the work or deliverables. Use attachments or exhibits for specifications, plans, and materials lists to prevent disputes over scope.

Pricing Schedule

Line-item costs, totals, allowances, and any unit pricing. State whether amounts are firm or estimates and specify how change orders will be priced.

Contingencies

Conditions that must be satisfied for acceptance (inspections, financing, approvals). Clear contingency language limits interpretation differences later.

Timeline and Milestones

Start date, milestone dates, and completion targets. Tie liquidated damages or remedy provisions to missed milestones if relevant.

Acceptance and Signatures

Who may accept, method of acceptance, effective date, and required signatures or notarization. Include signer title and capacity for corporate parties.

Step-by-step: completing and submitting a selections and bids form

Follow a short, repeatable process to ensure completeness and timeliness when preparing bids or selection records.

  • 01
    Gather documents: Assemble plats, specs, prior agreements, and vendor quotes before starting.
  • 02
    Complete fields: Populate property, pricing, contingencies, and dates with verified data.
  • 03
    Attach support: Upload exhibits, drawings, and proof of authority or licences.
  • 04
    Submit and sign: Route to required signers and capture signatures and timestamps.

Typical digital workflow for selections and bids

Digital workflows mirror manual processes but add validation, routing, and an audit trail to reduce friction and recordkeeping gaps.

  • Upload document: Start with a PDF or DOCX master form uploaded to the signing platform.
  • Place fields: Add text, date, numeric, and signature fields for each required party.
  • Send to signers: Email or link distribution with defined signing order and reminders.
  • Capture audit trail: Platform records timestamps, IP, and signer actions for evidentiary support.

Suggested digital workflow settings

Configure signing rules and authentication to match transaction risk and regulatory needs.

Field Configuration
Authentication method Email link or SMS code; use stronger ID verification for high-value deals
Access window Default 7 days; shorten for time-sensitive bids
Automatic reminders Send two reminders before expiry
Allowed file types PDF and DOCX for attachments

Technical and integration considerations

Ensure participants can open the chosen file type and access the signing session on desktop or mobile devices.

  • Browser support: Modern Chrome, Edge, Safari, or Firefox
  • File formats: PDF and DOCX supported
  • Integrations: CRM and cloud storage connectors available

Essential data elements to collect on the form

Property identifier: Full address or parcel number
Bid amount: Total dollar value
Buyer/legal name: Exact entity or individual name
Contact information: Phone, email, and mailing address
Deposit terms: Amount and payment method
Effective date: MM/DD/YYYY format

Common risks and legal consequences

Late submission: Forfeiture or disqualification risk
Scope ambiguity: Leads to change orders and disputes
Incorrect TIN: Backup withholding 24% may apply
Failure to report: 1099 penalties — see IRC §6721
Unauthorized signer: Contract may be voidable
Insufficient backup: Delays in payment or acceptance

Key deadlines typically specified on the form

Specify firm dates for submission, acceptance, deposit, and contingency removals to avoid timing disputes.

Bid submission deadline:

Exact date and time bids must be received

Offer expiration:

Date after which the offer lapses if not accepted

Deposit due date:

When earnest money must be delivered

Contingency removal deadline:

Date for waiving inspections or financing contingencies

Target closing date:

Planned date for final transaction completion

Sequential milestones from invitation to contract

A milestone view helps teams track progress from solicitation through award and contracting.

01

Invitation to Bid

Buyer issues request and sets submission window

02

Bid Submission

Bidders deliver completed forms and attachments

03

Evaluation

Buyer reviews bids against criteria and budget

04

Award and Acceptance

Selected bidder signs final contract and deposits funds

Comparing eSignature pricing and features for selections and bids

Basic pricing and feature availability vary by vendor and plan; choose options that match volume, compliance, and integration needs without relying on dated pricing snapshots.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Trial available (plan-dependent) Trial available (plan-dependent) Trial available (plan-dependent) Trial available (plan-dependent)
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Real-world examples of digital selections and bids

Practical examples show how organizations use completed selections and bids to speed transactions and preserve compliance.

Martin Properties

Tim Martin streamlined remote bidding for property renovations using online forms and signatures to reduce turnaround.

  • Key benefit was faster execution and remote acceptance.
  • The process allowed the firm to process offers, collect secure signatures, and maintain compliant audit trails for each accepted bid across mobile and desktop workflows.

Optica Ventures

Optica used structured selection templates to compare investor offers consistently.

  • Templates reduced review time and improved clarity.
  • Standardized templates and digital signatures created an auditable comparison set that helped management select the preferred investor while documenting binding commitments.

Practical tips for accurate, efficient completion

Adopt consistent templates, validation checks, and clear routing to reduce errors and speed approvals.

Standardize templates
Use a master template with required fields and validation to ensure all bids contain the same data elements, making comparisons straightforward and reducing inadvertent omissions that delay review.
Verify signer authority
Confirm the signer's authority and capacity for corporate or trustee signatories before routing; attach proof of signing authority for corporate entities to avoid enforceability challenges.
Use clear contingency language
Spell out inspection, financing, and approval contingencies with specific deadlines and removal procedures to prevent misunderstandings and to set clear conditions for acceptance or termination.
Preserve the audit trail
Retain timestamps, IP addresses, and detailed action logs; these records support enforcement, regulatory review, and internal audit requirements.

Frequently asked questions and common issues

Answers to typical questions about form validity, signing, notarization, and corrections when working with selections and bids.


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