Which situation would trigger the use of the revival of offer to purchase form?

Which situation would trigger the use of the revival of offer to purchase form?

• A. A condition in the offer was not satisfied, removed, or waived before the condition expiry
• B. The seller wants to change terms after acceptance
• C. The property is pending
• D. The buyer wants to add new contingency

Answer: (B)

The situation that calls for a revival of offer to purchase is when the seller wants to change terms after the offer has been accepted. This form is used to formalize re-issuing the agreement with revised terms so both parties can review and consent to the new arrangement. It keeps a clear record of what was originally agreed and what is being changed, and it effectively restarts the contract under the updated terms. If a condition expired or wasn’t satisfied, extensions or waivers within the existing offer or a separate extension would handle that, not a revival. If the property is pending, there’s no active offer to revive. If the buyer wants to add a new contingency, that would typically be handled by a counter-offer or new/amended offer, not a revival.

The situation that calls for a revival of offer to purchase is when the seller wants to change terms after the offer has been accepted. This form is used to formalize re-issuing the agreement with revised terms so both parties can review and consent to the new arrangement. It keeps a clear record of what was originally agreed and what is being changed, and it effectively restarts the contract under the updated terms.

If a condition expired or wasn’t satisfied, extensions or waivers within the existing offer or a separate extension would handle that, not a revival. If the property is pending, there’s no active offer to revive. If the buyer wants to add a new contingency, that would typically be handled by a counter-offer or new/amended offer, not a revival.