Realtor® Legal Tip – How many of you have seen an offer accepted after the acceptance deadline expired? Does it matter?
September 30, 2019
Author: Curtis Bullock
Let’s say your buyer submits an offer to the seller. The buyer gives the seller until the next day at 5pm to Accept. The deadline passes. Two days later, the seller has a change of heart and decides to accept the original offer. So she signs the REPC and checks the “Acceptance” box. Are there any potential problems here?
The problem with this situation is that the offer was automatically rejected when the deadline to Accept expired. So when the seller tried to accept the offer, she was essentially accepting an offer that was no longer on the table.
The correct way to handle this would have been for the seller to counter the offer. The counter could be as simple as stating that buyer and seller agree that all the terms of the REPC have been accepted. Then, at the bottom of the counter offer, a new time for “Acceptance” is given to the buyer. There is no need to extend the original time for acceptance because the seller will be providing an entirely new time to accept at the bottom of the counter offer document. If the buyer were to then accept the counter according to section 23 of the REPC, a valid contract would be created.