Monday, 19 November 2018
Agent Resource Center
This Old House - Do-it-Yourself

A buyer makes a deposit on February 11 with an offer to purchase. In the deposit receipt, the offer is described as “irrevocable for 5 days.” The next day, before the seller has been told of the offer, the buyer calls the broker and demands retur

Written by Posted On Thursday, 08 November 2018 05:00

(A) Must return the deposit upon buyer's demand
(B) Should hold the deposit in neutral escrow for 5 days
(C) Has until February 15 to secure acceptance
(D) Has until February 16 to secure acceptance

 

Answer:  (A)  An offer can be revoked anytime up until it has been accepted and the acceptance has been communicated to the offeror. The words “irrevocable for 5 days” are ineffective because the promise is without consideration.

Read 236 times Last modified on Thursday, 01 November 2018 14:05
Rate this item
(0 votes)

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.