Contracts
An Oregon seller receives two offers simultaneously. The seller may:
AAccept both offers and decide later which buyer will close
BAccept only one offer, or issue a counteroffer to one or both buyers (but must disclose that multiple offers exist)✓ Correct
CAccept both as backup offers and award the property to the highest bidder
DRequire all buyers to submit final and best offers within 24 hours
Explanation
When multiple offers are received, the seller can: accept one, counter one or both (they should disclose multiple offers exist), or reject all. The seller cannot accept two offers for the same property simultaneously.
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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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