easy · National Real Estate Exam contracts
A seller receives a buyer's offer of $200,000 and responds with a signed counteroffer of $210,000.
What happens to the buyer's original $200,000 offer?
- It stays open indefinitely until the buyer formally withdraws it in writing.
- A counteroffer terminates the original offer and stands as a new offer.
- It becomes binding automatically once thirty days pass without a response.
- It combines with the counteroffer to form one single contract with mixed terms.
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