This provision gives the seller the right to ratify another offer and cancel any outstanding offer at any time prior to the delivery and receipt of the signed counter offer from the other party. Signing the counter is not sufficient. In order to create a valid contract; there must be proper “delivery” of the acceptance (i.e., the signed counteroffer) to the seller as stated in the contract. Offers and counter offers can be revoked even though there is time remaining before they expire.
The purchase agreement requires that the signed offer or counter offer be delivered and “personally received" by the principal or the designated agent or brokerage, depending whether the agent inserted the agent's name or the company name in the blank. This, then, makes “delivery” conditioned upon the recipient actually receiving it.
Time is of the essence. Buyers should review the counter offer with their agent as soon as possible after receipt. Buyers should also make sure that ALL terms are understood before they sign the counter offer and act quickly if they wish to buy the house.