Contracts
A buyer makes an offer on a property. Before the seller accepts, the buyer changes their mind and withdraws the offer. This is:
ANot allowed — offers are irrevocable once submitted
BAllowed — an offer may be revoked any time before acceptance is communicated✓ Correct
CAllowed only if the buyer forfeits their earnest money
DAllowed only with the listing agent's written permission
Explanation
An offer is not binding until accepted. The offeror may revoke an offer at any time before acceptance is communicated to them, even if the offer states it will remain open.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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