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We will be discussing the answers to these questions:
- True or false: in order for a revocation of an offer or counter offer to be valid, it has to actually be received by the other side.
- True or false: in order for the acceptance of an offer or counter offer to be binding, it has to actually be received by the other side.
- Your buyer’s offer is accepted by the seller after it expires. You write up an addendum stating that the buyer agrees to be bound by the Sale Agreement even though the seller accepted it late. Your buyer signs it, and you email it over to the other side. Simultaneous with sending the addendum, you download an email from the listing agent saying that the sellers are revoking their acceptance. Do you have a binding contract or not?
- Similar, but slightly different scenario: your buyer’s offer is accepted late; you send over an addendum agreeing to be bound; the sellers have not sent over any withdrawal of their late acceptance, but once they get the addendum, they refuse to sign it and say they’ve decided to sell to someone else. Can they do that?
- Your buyer client decides she wants to withdraw from a sale based on the inspection report. You prepare the unconditional disapproval form, she signs it, you send it off to the other side with this message, “Sorry things didn’t work out. My client decided the repairs were just too much for her to take on right now. I hope we can work together again sometime, and I hope you get another buyer quickly!” But you forgot to actually attach the form. It’s 4:45 PM on the final day of the inspection period. The next day, you get your buyer to sign a Termination Agreement directing escrow to send the earnest money to your buyer, and you send it off to the listing agent. You get a text from the listing agent saying that if your client wants to withdraw at this point, she will lose her earnest money because she failed to properly withdraw before the deadline. Is the listing agent correct?
FREE and earns one credit hour toward your license renewal. Taught by Oregon First, Realtors® President, Mickey J. Lindsay