Contracts
A Virginia seller who has received two simultaneous offers may:
AOnly accept one offer and must reject the other in writing
BAccept one, counter one, or reject both — and should document their response✓ Correct
CAccept both as backup offers simultaneously
DIgnore both until a better offer arrives
Explanation
A seller receiving multiple offers can accept one, counter one or more, or reject all of them. Virginia sellers are not required to accept any offer.
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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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