Contracts
In Michigan, the 'acceptance' of an offer must be:
AVerbal and confirmed by handshake
BUnconditional and communicated to the offeror to be effective✓ Correct
CNotarized to be binding
DFiled with the county register of deeds
Explanation
For a Michigan real estate contract to be formed, acceptance must be unconditional (accepting all terms as offered) and communicated to the offeror. A conditional acceptance is actually a counteroffer.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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