Under Massachusetts law, all of the following events will automatically terminate an offer to purchase real estate EXCEPT:
Correct Answer
D) The offeror's agent informing the listing agent that the buyer is reconsidering the offer
An agent merely informing the other side that the buyer is 'reconsidering' the offer does not constitute a legal revocation or termination of the offer. A revocation must be a clear, unequivocal communication that the offeror is withdrawing the offer. Vague statements about reconsidering do not meet this standard and therefore do not automatically terminate the offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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