 Posted 1/1/2007 2:56:05 PM
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| When countering or rejecting a written offer to buy must it be done within a certain time period of time and does it have to be on any type of legal form?
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Posted 1/18/2007 5:23:30 PM
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Dear Arar:
Offers on real estate are normally made with a deadline. For example, they might give the seller a day or three days or a week or whatever to decide. Once that time period expires, the offer is automatically withdrawn. You, as a seller, can reject the offer simply by refusing to sign it. Or, you can notify the buyers that you aren't going to sign it ahead of the deadline.
Interestingly, buyers are not committed to hold that offer open until the deadline. Rather, the buyers can withdraw the offer at any time prior to the seller's acceptance. Which is a good reason why sellers should usually make up their minds quickly.
It's important to understand that when you counter, you've rejected the buyer's offer. You can't both accept the buyer's offer and counter it. The counter is a brand new offer from you, the seller, to the buyer. Many sellers will counter on the same purchase agreement that the buyer proffered noting changes in a separate area. If you do that, be sure that you fully understand what you're offering (if you're new to this, having an attorney check it out is a good idea), because if the buyer signs, you've got a deal!
Good luck!
Bob Irwin
Real Estate Author
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