When does acceptance of an offer to purchase occur?

Acceptance of an offer to purchase occurs when all parties involved have signed either one copy of the offer or separate but identical copies. This is crucial because signing an agreement indicates that everyone involved has agreed to the terms presented in that offer.

The essence of an offer is that it remains open until it is either accepted, rejected, or a counter-offer is made. Importantly, until all necessary parties have signed the agreement, no binding contract exists. Once signed, the contract becomes enforceable, creating obligations for both the buyer and the seller.

The other situations, like a verbal agreement or a counter-offer, do not constitute formal acceptance. A verbal agreement can be ambiguous and lacks the legal formalities, while a counter-offer effectively nullifies the original offer, requiring a new acceptance process. Additionally, the deposit of earnest money indicates intent to complete the transaction but does not by itself finalize an acceptance. Thus, the correct interpretation of acceptance hinges on the signatures confirming mutual agreement on the terms of the offer.