The Real Estate Encyclopedia
What Does Time Limit Of Offer Mean?
Category - Home Selling Questions - Selling Legal & Closing FAQ's

Buyers are typically the first party to make an offer.  That purchaser would like to avoid any delays in finding out whether his offer has been accepted by the seller.  If the offer is rejected, the sellerís broker will draft a counteroffer and must do so within the time limit provided by the buyer in the original offer.  In other words, the buyer puts a time limit on how long the offer will remain open to the seller.  If the offer is not accepted or countered on, the offer will automatically terminate and the buyer is entitled to the full refund of his/her earnest money. 

 
Category(s)
Home Buying Questions - Buying Legal & Closing FAQ's
Home Buying Questions - General Home Buying FAQ's
Home Selling Questions - General Home Selling FAQ's
Home Selling Questions - Selling Legal & Closing FAQ's
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