Contracts
A Washington seller accepts the buyer's offer but changes the closing date. This is legally:
AA binding acceptance
BA counteroffer, which terminates the original offer✓ Correct
CAn addendum that automatically binds both parties
DA void contract
Explanation
Any change to the terms of an offer, even a minor one like the closing date, constitutes a counteroffer. The original offer is terminated, and the seller becomes the offeror on new terms.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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