Contracts
A counteroffer in Nevada real estate practice legally:
AAmends the original offer without rejecting it
BRejects the original offer and creates a new offer✓ Correct
CExtends the acceptance deadline of the original offer
DRequires NRED approval before becoming valid
Explanation
A counteroffer rejects the original offer and substitutes a new offer with different terms. The original offer is extinguished and the offeror becomes the offeree on 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.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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