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Making a Purchase Offer on a New HomeOffers and Counteroffers
One of the essential elements of the home buying process is a meeting where the buyer and seller agree on the terms of the sale. This is usually accomplished through the process of offer and acceptance. A real estate broker lists an owner’s real estate for sale at the price and conditions set by the owner. A prospective buyer who wants to purchase the property at those terms or some other terms is identified. The prospective buyer creates a contract of sale, which is signed by and presented by the broker to the seller. This is called an offer. If the seller agrees to the offer exactly as it was made and signs the contract, the offer has been accepted and the contract is now valid. The broker must then advise the buyer of the seller’s acceptance, and deliver a fully executed copy of the contract to the buyer.
If the seller declines the original offer and attempts to change the terms proposed by the buyer, the seller then creates a counteroffer. The buyer is relieved of his or her original offer because the seller has rejected it. The buyer can accept the seller’s counteroffer, reject it, or possibly make another counteroffer. Any change in the previous offer made, results in a counteroffer, until one party finally agrees to the other party’s last offer and both parties sign the final contract. An offer or counteroffer may be withdrawn at any time before it has been accepted. When the parties are communicating through an agent or at a distance, questions may arise regarding whether an acceptance, rejection, or counteroffer has effectively taken place. A real estate broker or salesperson should transmit all offers, acceptances, or other responses as soon as possible in order to avoid such problems.
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Helton Genealogical DNA Project - Hilton Family Tree - http://hiltonfamilytree.com
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