Contracts
A counteroffer by a seller in Virginia legally acts as:
AAn acceptance of the buyer's offer with minor modifications
BA rejection of the original offer and a new offer by the seller✓ Correct
CA binding contract if the buyer does not respond within 3 days
DAn extension of the original offer terms
Explanation
A counteroffer legally terminates the original offer and constitutes a new offer by the seller. The buyer then becomes the offeree and may accept, reject, or counter again.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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