Contracts
A counteroffer in Vermont real estate negotiations:
AKeeps the original offer alive while a new offer is made
BRejects the original offer and creates a new offer✓ Correct
CRequires the listing broker's signature to be valid
DAutomatically extends the closing date
Explanation
A counteroffer rejects the original offer and constitutes a new offer. The original offer is terminated and the roles of offeror and offeree are effectively reversed.
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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.
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.
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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