Counteroffer
A reply to an offer that changes one or more terms, such as price or closing date. A counteroffer rejects the original offer, and the other side can accept, reject or counter again.
Also called: counter, counter offer, counter-offer
Related terms
A buyer's written proposal to buy a property at a stated price and terms. It becomes a binding contract only when the seller accepts it as written and both sides sign.
The signed contract between buyer and seller that sets the price, deadlines, contingencies and terms of a sale. Once both sides sign, the property is under contract.
When a seller gets more than one offer at the same time. Sellers may ask for highest and best, and buyers compete on price, terms, and contingencies.
Money the seller agrees to put toward the buyer's closing costs, prepaid items or rate buydown. Loan programs cap how much a seller can contribute.