If you are planning to make an offer in Philadelphia, we've compiled a stepbystep guide so you know what to expect. In this blog post, we will break down the different elements of a contract, focusing on the offer, counter offer, acceptance, and material terms.In Pennsylvania, "the essential elements of a contract are an offer, acceptance, and consideration or a mutual meeting of the minds. After filling out an application, this lender will provide you with a document called a preapproval that we attach to the agreement of sale. View the forms library. The Standard Agreement for the Sale of Real Estate is the primary contract used in Philadelphia real estate. Learn more in our latest guide.