A purchaser's offer allows the seller five days to accept. During this period, what can the purchaser do?

A purchaser's offer allows the seller five days to accept. During this period, what can the purchaser do?

• A. A. May not demand earnest money be returned
• B. B. Must wait the full five days before taking any action
• C. C. May withdraw the offer before acceptance
• D. D. May do nothing unless the time of the listing has expired

Answer: (C)

The correct response is that the purchaser may withdraw the offer before acceptance. When a purchaser submits an offer to a seller, they typically have the right to change their mind during the time the offer is open, which in this case is five days. This ability to withdraw the offer provides flexibility for the purchaser in case their circumstances change or if they find a better opportunity. During this period, the seller has not yet accepted the offer, meaning the agreement has not been finalized. As a result, the purchaser retains control over their offer until an acceptance is communicated. If the seller does not accept the offer within the given timeframe, it automatically lapses, allowing the purchaser to either make a new offer or pursue other options. The other options either misrepresent the rights of the purchaser or involve conditions that are not typically applicable in this context. For instance, demanding earnest money back is only relevant in scenarios where an agreement has been reached or if a certain condition in the agreement hasn't been met. Additionally, waiting the full five days would limit the purchaser's action unnecessarily, as they are not obligated to wait if they choose to withdraw their offer sooner. Lastly, the stipulation about the time of the listing having expired does not affect the purchaser's rights to withdraw

The correct response is that the purchaser may withdraw the offer before acceptance. When a purchaser submits an offer to a seller, they typically have the right to change their mind during the time the offer is open, which in this case is five days. This ability to withdraw the offer provides flexibility for the purchaser in case their circumstances change or if they find a better opportunity.

During this period, the seller has not yet accepted the offer, meaning the agreement has not been finalized. As a result, the purchaser retains control over their offer until an acceptance is communicated. If the seller does not accept the offer within the given timeframe, it automatically lapses, allowing the purchaser to either make a new offer or pursue other options.

The other options either misrepresent the rights of the purchaser or involve conditions that are not typically applicable in this context. For instance, demanding earnest money back is only relevant in scenarios where an agreement has been reached or if a certain condition in the agreement hasn't been met. Additionally, waiting the full five days would limit the purchaser's action unnecessarily, as they are not obligated to wait if they choose to withdraw their offer sooner. Lastly, the stipulation about the time of the listing having expired does not affect the purchaser's rights to withdraw