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Dear Forms Committee: Can you please help clarify the purchase price when there are multiple counteroffers involved?

Dear Forms Committee,

In Seller’s Counteroffer No. 1, the seller countered the buyers’ offer with four items, including increasing the purchase price by $5,000. When the buyers countered back, they countered on three of the items but not the sales price. Since the buyers did not accept Seller’s Counteroffer No. 1 and instead countered with a new counter, doesn’t that mean the purchase price counter no longer applies?

Answer: OREF 003 & 004 Buyer’s & Seller’s Counteroffers both specify that the buyer (or seller) agree to the terms and conditions of the Sale Agreement and counteroffers except as modified. So, any term not modified in subsequent counteroffers still applies. (That is consistent with the way the Sale Agreement is treated: all of its terms not modified still apply.) Based on the information provided, the parties have agreed to a $5,000 purchase price increase.

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.