Upon making a written offer, how long does seller have to reject?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Upon making a written offer, how long does seller have to reject?
Must it be in writing? And if there’s a counter offer, must it be in writing also?
Asked on October 14, 2012 under Real Estate Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Absent a time restriction for an offer to be accepted, the law is a reasonable amout of time. A reasonable amount of time varies upon the circumstances of the offer. If the offer has not been accepted, the person making it can then terminate it.
As to offers required to be in writing, the statute of frauds requires anything of value over $500 to be in writing. If there is a written offer, the counter offer if any ordinarily needs to be in writing as well.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.