Contracts
In Minnesota real estate, a counteroffer legally:
AModifies the original offer without rejecting it
BRejects the original offer and creates a new offer✓ Correct
CBinds the original offeror to the original terms
DExtends the acceptance deadline of the original offer
Explanation
A counteroffer in Minnesota legally constitutes a rejection of the original offer and a new offer with modified terms. The original offeror is no longer bound by the original offer and may accept, counter, or reject the counteroffer.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA 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.
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