Contracts
A Florida seller receives two valid offers at the same time. The seller may:
AOnly accept the first offer received
BAccept one, reject the other, or counter one and reject the other — or counter both (subject to seller's risk of two acceptances)✓ Correct
CAccept both offers and choose the best buyer at closing
DDemand both buyers raise their offers before accepting either
Explanation
A seller can accept one offer, reject or counter the other. Countering both simultaneously is risky (both could accept, creating two binding contracts).
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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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