Home-Buying Process:
The Sales Contract
Acceptance
Just because the seller receives your offer, he or she is not obligated to accept it. The seller will accept what he or she considers the best offer. If any part of your offer is unacceptable to the seller, he or she can make changes that constitute a counter offer. You may accept, reject or make another counter offer. Once the seller accepts and signs the offer to purchase, there is a binding contract between you and the seller.
If you decide to withdraw your offer, contact the seller or broker immediately and put the revocation in writing. If you have not signed the contract you are not liable for the contract and should get your earnest money back.
References:
American Homeowner Education & Counseling Institute. (2000). Core curriculum - National standards for homeowner educators and housing counselors. Author.
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