Contracts
Under Colorado contract law, a counteroffer by the seller:
AAccepts the buyer's original offer with minor modifications
BRejects the buyer's offer and creates a new offer that the buyer may accept or reject✓ Correct
CExtends the deadline for the buyer to accept
DRequires both parties to proceed to closing
Explanation
A counteroffer rejects the original offer in its entirety and creates a new offer. The original buyer then becomes the offeree and may accept, reject, or counter the seller's counteroffer.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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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