Contracts
A buyer makes an offer on a home and the seller responds with different terms. This seller response is best described as:
AAn acceptance
BA rejection
CA counteroffer✓ Correct
DA revocation
Explanation
When a seller responds to an offer by changing any of the terms — price, closing date, contingencies, etc. — this constitutes a counteroffer.
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Key Terms to Know
Right of First Refusal
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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