Contracts
A Wyoming seller who wants to counter multiple offers simultaneously should:
ASend identical counteroffers to all buyers and accept the first one back
BUse a 'multiple counter offer' form clearly disclosing that multiple buyers are being countered simultaneously, so no one is misled✓ Correct
COnly counter the highest offer
DCancel all existing offers and re-list at the highest offer price
Explanation
When countering multiple buyers simultaneously, the seller must use appropriate language (such as a multiple counter offer form) to make clear that the counter is being sent to multiple parties and no contract is formed until the seller specifically accepts one. This avoids binding contracts with multiple buyers.
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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.
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.
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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