Contracts
A seller's counteroffer to a buyer's original offer:
AKeeps the original offer open while the buyer considers the counteroffer
BConstitutes a rejection of the original offer and a new offer by the seller✓ Correct
CMust be in the same form as the original offer
DAutomatically extends the time for the buyer to respond
Explanation
A counteroffer rejects the original offer and creates a new offer. The original offer is extinguished, and the buyer is now free to accept, reject, or counter the seller's counteroffer.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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