What is the Legality of the Counter Offer Expiration Date?
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What is the Legality of the Counter Offer Expiration Date?
I made an offer on a property in Colorado, and the seller countered and listed the
expiration date 30 days out. Two days later, my reality agent buyer agent tells me
the seller has another interested party and that I should accept the counter
immediately or risk losing the property to the other party. Can the seller sell the
property to another before the counter to me expires? The seller has said she did
not intend to provide such a long expiration. Only intended 3 days.
Asked on September 26, 2017 under Real Estate Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
While generally a date in a contract, such as an expiration date on a counteroffer, is enforceable, courts will not enforce a date that as clearly a typo or other plain error. In the context of selling a home, it would be very unusual for a seller to keep a counter open for a whole month and refuse any other offers that came in during that time; therefore, it is very plausible that it was meant to be a 3 day time period, and a court would likely enforce 3, not 30 days, against the seller. That being the case, if you accepted the offer within 3 days, the would contractually have to take it. After 3 days, they could accept other offers.
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