Home Buying in 90210>Question Details

jacquelyngail, Home Seller in Beverly Hills, CA

If I counter to an expired offer and they accept are the terms in the offer incoporated into the agreement and binding?

Asked by jacquelyngail, Beverly Hills, CA Sun Nov 4, 2012

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7
It doesn’t matter. Everyone is right in that it you should have put a clause in your Counter that the expiration date of the Offer was extended to the date you presented your Counter. Nevertheless, if you failed to do so, a strong argument can be made that the defect was corrected and/or a new revived contract was created when your Counter was accepted.

HOWEVER, the reason none of this matters is that there is no such thing as a binding purchase agreement against the BUYER. Offers are full of contingency periods during which buyers can always cancel. Plus the law gives Buyers additional rights to cancel depending when and even how some disclosures are delivered even if there are NO contingencies in the Offer itself.

Since you countered to an Offer I presume you are the Seller. The question becomes more complicated if you are now asking because the Buyer is trying to enforce terms of the expired Offer against YOU, which you are now trying to argue do not apply. As always, consult an attorney.

Nils Rudovics
0 votes Thank Flag Link Mon Nov 5, 2012
Generally it would be binding, subject to exact wording of the counter offer. When the buyer accepts your counter offer, a contract is formed and its terms are those of the original offer with changes made by the counter offer.
Best practice however is to add wording in the counter offer that specifies that the buyer by signing the counter offer extends the date of validity of its (original) offer to include the date of acceptance (or the date of the counter offer).

Michael HassanPour, Esq.
Coldwell Banker Beverly Hills North
0 votes Thank Flag Link Sun Nov 4, 2012
your counter would need to be accepted, and it depends on the language of your counter offer...

Are you working with a seasoned listing agent? If not, you should...

RonE
0 votes Thank Flag Link Sun Nov 4, 2012
Hi Jacquelyngail,
Please, know that nothing is binding unless it is in writing and signed by both parties involved in the transaction. The accepted offer should include the terms in the agreement but If they have changed then I suggest that you confirm with the other party's agent.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sun Nov 4, 2012
Generally yes. But any of us would have to see the actual wording of the contract to offer an aboslutely correct response.
0 votes Thank Flag Link Sun Nov 4, 2012
jacquelyngail, I would suggest you check with your Realtor who wrote the Counter Offer and how did your Realtor phrase the counter, that all will make a difference. Customarily a Counter Offer represents only the points you counter on and all other terms remain the same. Feel free to check with an attorney as well.

Endre Barath,Jr.
Prudential California Realty
Beverly Hill CA

homes@endrebarath.com
310.486.1002
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sun Nov 4, 2012
Basically the counter picks up all the terms of the original offer. In this market we see many purchase offers expire but negotiations continue. Often the agent countering will extend the offer. Don't worry, the counter offer is not a new offer, just an extension of the first one.
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Sun Nov 4, 2012
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