What terminates a offer?

An offer to create a real estate contract can be terminated by:

  • Acceptance by the offeree
  • Withdrawal – the offer can be withdrawn by the offeror before the offeree communicates it’s acceptance
  • Rejection by the offeree
  • Lapse of time – when the offer stipulates a time period for acceptance, it is terminated at the lapse of that time period
  • Death or insanity of either the offeror or offeree
  • Destruction – when real property improvements are destroyed the offer is terminated