Frequently Asked Questions
Counter Offer Addendum

 

No more messy, illegible Purchase Agreements with crossing out, writing in and initialing. The MNAR Forms Committee created this form as a way to address the problems of sloppy, illegible changes written on Purchase Agreements that sometimes got initialed and sometimes did not get initialed.

Addendum to the Purchase Agreement
This form was created as an Addendum to the MNAR Purchase Agreement and should be used like any other Addendum to the Purchase Agreement. This Addendum will be counted as a page number in the total number of pages to the Purchase Agreement.

The first Counter will always begin with the Seller responding to the Buyer's initial Purchase Agreement. Line three (3) asks for the Counteroffer number. Therefore, odd numbered Counteroffer Addendums should always be from the seller and even numbered Counteroffer Addendums should always be from the buyer.

New Counteroffer Addendum for Each New Counteroffer
Please not that the Counteroffer Addendum should be drafted so that ALL terms changed from the original Purchase Agreement are included. You cannot include any reference to terms or conditions from any pervious Counteroffers. This eliminates any chance of confusion as to the terms that are in the final agreement.

Line five (5) asks for the name of the Buyer who signed the Purchase Agreement being countered. This was added to bring clarity in the event there is more than one offer being considered on the property (i.e. Buyer Anderson and Buyer Johnson)

Common Items
The most common items that are subject to change in a Purchase Agreement have been pre-printed on the form. If you find that you have to write in the "Other" section, be careful in your wording and be as specific as possible. If you have any doubts on how to draft language, ask your Broker or Office Manager.

No contract is valid unless all parties sign it. If the Seller initiates a Counteroffer, they should sign the Purchase Agreement submitted to them by the prospective buyer and sign the Counteroffer Addendum. Once the Buyer signs the Counteroffer Addendum presented by the Seller, then the Buyer has agreed to the provisions in the Counteroffer Addendum and the Purchase Agreement is binding. Line 35 allows a place for the receiving party to reject the offer or to counter back if they do not agree to the provisions in the Counteroffer presented by the Seller.

Attach Counteroffer Addendum to Purchase Agreement
This Addendum contains important provisions which will be made a part of the Purchase Agreement upon agreement by the parties. It is very important that it does not get lost so remember to attach the Counteroffer Addendum to the Purchase Agreement.