Counter Offer?

A friend of my and very knowledgable Real Estate Agent, Andy Ingram, http://www.andyingram.com/ (Andy teaches “contracts”  to new agents at Keller Williams in Southlake, Texas), recently brought to my attention a misconception held by many new real estate agents. Regarding contracts for real property: First, the legal elements of any contract are: 1) An Offer 2) an Acceptance in STRICT compliance of the terms of the Offer 3) a Legal Purpose or Objective 4) Mutuality of Obligation “Metting of the Minds” 5) Consideration and 6) Competent Parties. Furthermore, the Statute of Frauds requires that a contract for real property be in writing and signed by the parties charged. HERE COMES THE IMPORTANT PART…Once both parties have agreed to the terms and signed, the contract is in place. AN AMENDEMENT TO THE CONTRACT sent by one party to the other thereafter IS NOT then a counter offer and does not open up the orignal contract up for debate or further negotiation. If a proposed amendement is rejected, the underlying contract is still valid and in place.  dmhays@haylawfirm.com David Hays, Atty & Counselor At Law http://www.hayslawfirm.com 0

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