Counteroffer
Initial offer to buy or sell answered with a revised offer. For example, a buyer offers $500,000 for a home put on the market. The owner rejects the offer but submits a counteroffer for $525,000. Offers and counteroffers are not limited to price, but comprise such matters as financing arrangements and apportionment of closing costs.
Popular Real Estate Terms
Expected market value of property if sold today. ...
Some plausible, but not completely clear-cut indication of ownership rights. It supplements a claim to title to property, but does not actually establish it. ...
A bilateral contract is a pretty straightforward term. No horseplay there. It’s a legal agreement between two individuals who both agree to do (or not to do) a specific act. The ...
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Used to support two properties; it is attached to both. ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
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(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...
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