Seller sends Buyer a Counteroffer and receives a better offer, can Seller rescind Counteroffer?
A Counteroffer may be rescinded (revoked) by the Seller up until the time the Counteroffer has been accepted. Time is of the essence is an important factor in real estate transactions. Counteroffers need to be signed by all parties and returned to Seller or, Seller may rescind the Counteroffer. If Seller gets a better offer, they can accept the better offer no questions asked and then the original buyer is out of luck. A Counteroffer is not binding until all parties sign and receive a copy of the executed Counteroffer.
A Counteroffer may be rescinded (revoked) by the Seller up until the time the Counteroffer has been accepted. Time is of the essence is an important factor in real estate transactions. Counteroffers need to be signed by all parties and returned to Seller or, Seller may rescind the Counteroffer. If Seller gets a better offer, they can accept the better offer no questions asked and then the original buyer is out of luck. A Counteroffer is not binding until all parties sign and receive a copy of the executed Counteroffer.
