Signing Back an Offer and Accepting it too!
Question:
I am acting for the Seller and we received a fairly good Offer, open until midnight. We actually signed it back at 8:00 pm, and afterwards my Seller had second thoughts. Can the Seller still accept it before midnight?
Answer:
No, there were several choices available:
1) Accept it,
2) Ignore it, and let it expire,
3) Reject it by indicating that it will not be accepted,
4) Counter it, which is also a rejection at the same time.
There is one exception. Prior to submitting the Counter Offer, you could have made it quite clear:
“This Counter Offer is submitted without prejudice to the Seller’s right to accept the Offer as submitted.
This counter Offer is not a rejection of the Offer. The Offer may still be accepted prior to expiration of the irrevocable period.”
Rarely, if ever, is such a consideration contemplated at the relevant time. This is simply a question of remorse on the part of the Seller and without this type of wording, the Counter Offer is a rejection of the Offer.
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