Real Estate Law
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Good afternoon. i am Loren, a licensed attorney, and I look forward to assisting you today.
Was this a mistake by the buyer? Does the seller acknowledge the mistake?
if they are resubmitting the original counter then the seller may accept or reject it. The legal effect of a counter is the same as a rejection of the initial offer.
Until something is signed it has no legal impact in a land sale.
I am saying that the buyer's offer is not accepted until the seller signs the contract. Any discussion is of no legal effect until it is reduced to writing and signed by the parties.
The parties need to start a new contract and destroy any contracts that are fully signed but do not reflect the parties' intent. The new contract should have the terms they wish to move forward with.
Typically, when the buyer and seller negotiate the price they just handwrite the counter offers and cross out the prior. The final price is initialed by the parties.
Did you have further questions? Have I answered your question?
If the only signed contract is the one the parties intended to move forward with then it is fully enforceable and no action need be taken on any prior offers. The signed contract controls.
If the contract is signed then the buyer and seller are liable for the terms and no further action need be taken with regard to the other offers and counters.
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