Contracts
What is a counterproposal (counteroffer) in a real estate transaction?
AA rejection of the original offer
BA response that accepts some terms but proposes different terms, which terminates the original offer✓ Correct
CA conditional acceptance
DAn offer from a third party
Explanation
A counteroffer is a response to an offer that changes any terms (price, closing date, contingencies, etc.), which legally terminates the original offer and creates a new offer that must be accepted or rejected.
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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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