Contracts
In West Virginia, an offer to purchase real estate automatically terminates when:
AThe buyer changes their mind before the seller sees the offer
BThe offeror revokes the offer before acceptance, the deadline passes without acceptance, or the offeree makes a counteroffer✓ Correct
CThe seller verbally agrees but has not yet signed
DThe property is shown to another buyer
Explanation
An offer terminates upon: (1) revocation by the offeror before acceptance, (2) expiration of the acceptance deadline, (3) rejection by the offeree, (4) a counteroffer (which is a new offer), or (5) death or incapacity of either party.
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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.
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.
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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