In order to get a real estate sale to happen, there first must be an offer and then an acceptance. Real estate sellers typically take buyer offers, consider them, then accept them, reject them or make counteroffers. After a real estate seller and buyer agree to conditions, the seller normally signs a real estate purchase agreement or sales contract. Real estate buyers are generally expected to sign purchase agreements initially, however, especially during offer and counteroffer periods.
Offer and Acceptance
It’s helpful to consider real estate sales transactions as a dance between sellers and buyers. In contract law, then there should always be an offer, an acceptance and a valuable consideration for a contract to be valid. Hopeful real estate buyers usually make the initial move in their dance with sellers and therefore are first to provide real estate purchase agreements or sales contracts. After looking over a purchaser’s already signed sales contract, the seller may also signal it.
Rejections and Counteroffers
Some real estate sales contracts have been arrived at only after important back-and-forth between sellers and buyers. After all, real estate sellers can accept, reject or counteroffer proposed real estate sales contracts from buyers. Of course, when a real estate seller rejects or counteroffers a purchaser’s proposed sales contract, no seller signature will probably be present. Additionally, previously rejected actual restate revenue contracts that are ultimately accepted by sellers must be re-accepted by buyers to be legally valid.
Dealing With Counteroffers
It’s normal for real estate buyers to get counteroffers, “highest and best” offer requests and also “drop dead” time constraints from sellers. Often, real estate buyers receiving counteroffers from sellers might be given just a limited time to accept or reject them. “Highest and best” offer requests from sellers means they are attempting to quickly wrap up negotiations and also desire the buyers’ closing and absolute best offers. For buyers, taking all allotted time before accepting, rejecting or modifying seller counteroffers can be a successful emotional bargaining instrument.
Wrapping Sales Up
Real estate purchase agreements or sales contracts aren’t valid until both sellers and buyers sign them. Commonly, in a smooth real estate transaction a buyer may signal a proposed sales contract and also see it quickly accepted and signed by the seller. When the seller signs a real estate sales contract, both parties to it are legally bound to its stipulations. Hopeful real estate sellers and buyers must consequently always carefully consider proposed revenue arrangements before signing them.