Offer and Acceptance.
There must be a meeting of the minds between the seller and the buyer. They must agree on all the terms of the sale. A prospective buyer draws up an offer to purchase and presents it to the owner. If the seller agrees to all the terms exactly as the buyer has offered, then the seller signs the contract and you have an acceptance. If the seller changes the terms proposed by the buyer, the seller creates a counter-offer. Now the buyer can accept the seller’s counter-offer, reject it, or make another counteroffer. Any change in an offer results in a counteroffer. You don’t have a final contract until one party finally agrees to the other parties last offer. The final contract is not considered an acceptance until all parties have been notified of the final agreement.

Seller’s asking price is $110,000, including range and oven, dishwasher, disposal, garage door opener, and chandelier.

Buyer offers Seller $100,000, including refrigerator, range and oven, dishwasher, disposal, garage door opener, and chandelier.

Seller counters buyers offer with $107,500, including refrigerator, range and oven, dishwasher, disposal, garage door opener, and chandelier. (initial all changes and date)

And so on... find out how to consummate this deal... read the book!

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