South Dakota Real Estate Continuing Education - SOUTH DAKOTA Approved School: RealEstateCE.com
SD 3.0 hours Contracts and Leasing - Course Syllabus
3.0 Required Subject Hours
How do offers become contracts? An offer to purchase a property made by a buyer is just that, an offer. This offer usually contains specific terms and conditions. The seller may accept, reject or counter the offer. The definition of a counteroffer is when one of the parties makes a change to the original offer. Legally, it is considered a revocation of the original offer. Only when an offer is fully acknowledged (all parties have agreed and signed, and no other changes have been made) and all parties have initialed and agreed to any prior changes that an offer becomes a contract. When this happens, the contract is said to have mutual acceptance.
When withdrawing an offer or counteroffer before it is accepted, a real estate agent should keep extremely accurate documentation of the timeline, so that there is no dispute as to the timing of the withdrawal. Multiple forms of documentation may be used for this withdrawal, such as phoning, faxing and emailing (using all three) as proof of the timing of the withdrawal.
This course reviews the different types of contracts and the process from listing, to offer, and a mutually accepted contract.