Contracts
A Kentucky seller who counters a buyer's offer is best understood as:
AAccepting the buyer's offer with minor changes
BRejecting the original offer and creating a new offer that the buyer may accept, reject, or counter✓ Correct
CExtending the buyer's offer deadline
DRequesting KREC arbitration
Explanation
A counteroffer legally rejects the original offer and creates a new offer. The original buyer now becomes the offeree and may 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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