A real estate offer exists when the person who is offering to buy, the offeror, has communicated his or her intentions to the person who is offering the deal, the offeree. The terms found in the standard real estate forms will clearly highlight every component of the deal, such as buyer/seller name, purchase price, closing date, conditions, and other specifics. If buyer or seller does not meet his or her conditions, both can be held liable.
The person who is offering the property, the offeree, can refuse any offer based on any conditions. Rejection of a deal is very simple. To reject the buyer’s offer, the seller can either do nothing or inform the buyer of his or her decision. Commonly, the seller may respond by saying they want a higher price or more favorable conditions such as a faster closing date. The offer can also be rejected if the offeree sends a counter offer. A counter offer is a rejection of a buyer’s original offer with changes to the price of terms of the agreement. When a counter offer takes place, the original offeree becomes the offeror while the offeror becomes the offeree.
