Why Counteroffers No Longer Have Their Own Deadline

Q: I have a question about OREF 001 – Residential Real Estate Sale Agreement, specifically the offer expiration section, or Offer Deadline. I’m not sure I fully understand how the expiration date in the buyer’s original offer affects the timing of any later counteroffers. Why don’t the counteroffer forms include a separate “counteroffer deadline” field like they used to? Now they all seem to reference only the original Offer Deadline.  

A:  The new universal term Offer Deadline simplifies the process of setting and tracking expiration dates.  

For all other terms in the agreement, the offer and any counteroffers function as one complete set of terms. If a provision in the original offer is not changed in a counteroffer, it remains in effect. If it is changed, that updated term becomes part of the agreement unless it is modified again later.  

The Offer Deadline now works the same way. The deadline stated in the original offer continues to apply through all counteroffers unless one of the parties revises it. Depending on how negotiations are progressing, the parties may leave the original deadline in place or update it in a counteroffer to provide the other side with adequate time to respond.  

If the Offer Deadline is modified, the updated deadline applies to the original offer as well as the current and any future counteroffers until it is changed again. This approach treats the expiration date like any other transaction term and eliminates the need to track multiple deadlines.  

Whenever a party determines the response window is too short, they should extend it by updating the Offer Deadline field in their counteroffer.  

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.