Under Missouri law and MREC regulations, which of the following actions would NOT automatically terminate a buyer's purchase offer before the seller has accepted it?
Correct Answer
D) The buyer's pre-approval letter expires while the offer is pending
The expiration of a buyer's pre-approval letter while an offer is pending does NOT automatically terminate the offer under Missouri law. A pre-approval letter is a lender's preliminary assessment, not a contractual element of the purchase offer itself. The offer remains alive until it is revoked by the buyer, rejected or countered by the seller, or the stated acceptance deadline passes. The buyer may obtain a new pre-approval or proceed with the offer regardless of the pre-approval letter's expiration — the offer's legal status is unaffected.
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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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