Kevin submits an offer on a $600,000 home in Fresno using the C.A.R. RPA. He includes a $15,000 earnest money deposit and proposes a 30-day close of escrow. The seller accepts but wants to change the closing date to 45 days. Under the C.A.R. RPA, what is the proper way for the seller to respond?
Correct Answer
D) Issue a Seller Counter Offer (SCO) form specifying the 45-day closing period
Under the C.A.R. RPA process, any changes to the buyer's offer terms must be made through a Seller Counter Offer (SCO) form. This creates a clear written record of the modification and requires the buyer's written acceptance to form a binding contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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