Contracts
In Maine, a seller who accepts a contract contingent on home inspection then receives a 'better' cash offer is generally:
AFree to accept the new offer and cancel the first contract
BBound by the first contract and cannot accept the second offer without breach✓ Correct
CAllowed to accept the second offer as a backup only
DRequired to offer the first buyer the same terms as the second
Explanation
Once the seller accepts an offer, they are bound by the contract. Accepting a second offer while under contract with the first buyer would be a breach of the first contract, exposing the seller to liability.
Related Maine Contracts Questions
- A Maine seller's property is listed at $450,000. A buyer submits an offer at $430,000 with a 10-day financing contingency. The seller makes a counteroffer at $445,000 but changes the financing contingency to 7 days. The buyer's options are:
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