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Terms of Acceptance

A critical part of a contract that you draft for a buyer is contained in the lines 435-439 called Terms of Acceptance. I suspect that most buyers want to know as soon as possible, if their offer was accepted. Sometimes I fear too little thought is given to line 437 and maybe sellers are not given enough time to think about accepting an offer. Is

the buyer thinking, we need to push them for an answer before someone else gets it?

Now comes the critical part in the last sentence of this part of the offer and it needs careful thought and says: If no signed acceptance is received by this date and time, this offer shall be deemed withdrawn and the Buyer’s earnest money shall be returned. So, after the date and time given to the seller to accept, then the offer is withdrawn!!! Is the seller required to send a notice of rejection after this time is past? NOPE! Why not? Because there is no more offer in effect!

Also, be aware, that this same condition is included in counter offers on line 21.

And then came the question—isn’t the seller required to acknowledge reception of the offer or counter offers? Again—NOPE! This is covered in 8m on lines 424 to 427 called NOTICE.

If the seller REJECTS the offer on line 473, then this must be turned into your Broker for filing per 32-2151.01. I.

The Broker shall retain an original, a copy or a microfilm copy of any document evidencing a rejected OFFER to purchase real property as a matter of record for at least one year. So be sure to upload to the broker, any rejected OFFERS.

by Bob Stephens