Contracts
A 'counteroffer' in a NC real estate transaction legally constitutes:
AAcceptance of the original offer with minor modifications
BA rejection of the original offer and a new offer by the original offeree✓ Correct
CA request for additional information
DA binding contract if accepted within 24 hours
Explanation
A counteroffer is legally a rejection of the original offer and the creation of a new offer. The original offeror is now free to accept, reject, or counter the new offer.
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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.
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.
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.
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