What is deemed to be the acceptance period for an offer to purchase real estate?
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What is deemed to be the acceptance period for an offer to purchase real estate?
I signed a standard agreement for the sale of real estate. Item 5 says that written acceptance of all parties will be on or before 6/25/2011. I have not heard anything. If they accept the offer now, can I decline to move forward since the date has passed. I don’t see any other clause about the acceptance window for my offer (it was below the asking price).
Asked on June 26, 2011 under Real Estate Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
For a definitive answer, you need to have an attorney review the actual contract for you (e.g. are there other terms modifying or affecting the condition you cite?) and any corresondence about or surrounding it, which may, in certain circumstances, be held to modify the agreement or waive certain rights under it. (e.g. if you sent a note to the other party granting them more time, that extension of time may be enforceable.)
The above said, from what you write, it would appear that it is no too late for the other party to accept the contract and hold you to it, since they have passed the deadline. However, again, you need an attorney to review everything with and for you for any sort of definitive answer.
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