Tuesday, September 25, 2007

What is a counteroffer?
Answers for Sellers

An answer to an offer. If a prospective Purchaser presents an offer to purchase a property to the owner of the property, that owner may accept the offer as it stands, reject it outright or respond with a 'counteroffer' which changes certain terms of the original offer. Making a counteroffer, at law, entails rejection of the original offer. The Purchaser may then counteroffer back, making changes to the owner's counteroffer. Sometimes, the process of counter offering is referred to as 'signing back' the offer.