Question:
Sellers sign back offer, buyers accepts within irrevocable period signing the confirmation of acceptance.
Now the sellers are refusing to sign the Acknowledgment as they have decided that they want a different closing date?
I think once confirmation of acceptance is signed it is a binding contract but others think the Acknowledgment needs to be signed for that.
Answer:
The Counter Offer from the Sellers is binding once accepted by the Buyers. The Acknowledgement section while it’s nice to have is not a requirement for the contract.
In fact, neither is the Confirmation of Acceptance, although I note that in this case it was signed.
Actual acceptance is coincident with the time of communication to the Sellers. So, once they knew the Buyers had signed there was a binding contract.
Brian Madigan LL.B., Broker
Comments 3
Great read. Thanks
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