Contracts
A counteroffer in a New Jersey real estate transaction legally:
AKeeps the original offer alive while adding new terms
BRejects the original offer and creates a new offer✓ Correct
CRequires court approval
DMust be made through the buyer's attorney only
Explanation
A counteroffer is both a rejection of the original offer and the creation of a new offer. The original offer is extinguished once a counteroffer is made.
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Key Terms to Know
Earnest Money
A 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.
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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