What defines a "bona fide" offer?

A "bona fide" offer is defined as one made in good faith, reflecting the genuine intention of the parties to complete a transaction. This means that the offer represents a legitimate attempt to establish a contractual relationship, with the expectation that both parties will act honestly and transparently throughout the negotiation process.

In real estate transactions, a bona fide offer typically includes terms that are acceptable to both the buyer and seller, such as the proposed price and any conditions of the sale. This level of sincerity is critical in establishing trust and moving forward with the negotiation and sale process.

The other options do not meet the definition of a bona fide offer. An offer that is lower than the asking price may still be genuine; however, the mere price point does not encapsulate the essence of good faith. An offer made under duress implies coercion, which nullifies the concept of goodwill. An informal inquiry about property price lacks the commitment involved in a bona fide offer, as it does not represent a sincere intention to pursue a transaction. Therefore, the choice highlighting good faith best represents what constitutes a bona fide offer.