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What happens if Buyers and Sellers make an offer or counteroffer and regret it before it’s accepted? In both situations, sometimes one party has a change of heart. Or another home comes on the market, or a better offer comes in.
We had one such situation this week when our Seller made a counteroffer but another Buyer with better terms came around. So what was our advice? That’s where you have to know Section 18, Standard O. And that’s when you realize you need a good Realtor (Hint Hint). So if you aren’t a real estate contract wonk, here is what ole Section 18, Standard O says and means…
Review Section 18, Standard O on lines 510 to 512 of the contract. It provides:
“Notice and delivery given by or to the attorney or broker (including such broker’s real estate licensee) representing any party shall be effective as if given by or to that party.”
Here is a better clarification from an attorney on Section 18.
The broker’s real estate licensee is authorized to provide written notice (on behalf of the sellers) to you as the buyers’ representative that the sellers’ counteroffer was withdrawn. It is well settled real estate law that a party may withdraw its offer or counteroffer before it is accepted and delivered by the other party. That is the reason I always encourage agents to advise the party whom they represent to respond quickly to an offer or counteroffer. While it’s correct that the contract provides 2 days to accept counteroffers in Section 3 – a party does have the legal right to withdraw a counteroffer before it is accepted.
Text and email sent by an agent are methods provided in Standard O of the Contract which states that written notices may be made by electronic media.
In summary, once the sellers, through their real estate agent notices to you and withdraws their counteroffer, the buyers could not then accept the counteroffer.
There is no legally binding contract.
Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.
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From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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