Definition
A counter-offer is a new offer made by the seller in response to the buyer's initial offer. Once a counter-offer is signed and delivered, the original offer is cancelled — the seller can no longer accept the initial offer even if the buyer withdraws their counter-offer.
Elements typically modified in a counter-offer: - **Sale price**: seller requests more than the buyer's offer - **Possession date**: adjustment to suit the seller's move - **Inclusions/exclusions**: appliances, light fixtures, blinds included or excluded - **Condition deadline**: seller shortens the time given to the buyer for conditions
Negotiation process: the buyer can in turn make a counter-counter-offer. This back-and-forth continues until one party accepts without modification or an expiry deadline is reached. In practice, negotiation generally takes 24-72 hours.