What happens to a counteroffer if the buyer accepts an offer on a different property?

When a buyer accepts an offer on a different property, the counteroffer related to the original property becomes void. This is because acceptance of a different offer signifies that the buyer is no longer interested in pursuing the terms of the previous counteroffer. A counteroffer is contingent upon the acceptance of its terms, and in real estate transactions, the acceptance of another offer typically indicates a complete shift in the buyer’s intent.

Therefore, once the buyer formally accepts an offer on another property, it effectively nullifies any existing counteroffers. This clear shift in interest is a vital aspect of contract law, as it emphasizes the necessity for all parties involved to agree upon specific terms for them to remain valid.