Contracts
What is an 'offer to purchase' in Delaware real estate?
AA signed listing agreement
BA written proposal by the buyer to purchase a property at specific terms, which becomes a binding contract upon acceptance✓ Correct
CThe broker's formal commission agreement
DA non-binding letter of intent
Explanation
An offer to purchase is a written proposal by the buyer to purchase property under specified terms. When the seller accepts the offer without changes and communicates the acceptance, a binding contract is formed.
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