A buyer submitted an offer to purchase a condo for $350,000, conditional on review of satisfactory condo documents by 3:00 PM on April 1st. The seller counter-offered to $355,000 and extended the condition deadline to 5:00 PM on April 2nd. The buyer accepted the counteroffer. On April 2nd at 11:00 AM, the buyer provides notice to the seller that the condo documents are not satisfactory. What is the contract status?

Question: A buyer submitted an offer to purchase a condo for $350,000, conditional on review of satisfactory condo documents by 3:00 PM on April 1st. The seller counter-offered to $355,000 and extended the condition deadline to 5:00 PM on April 2nd. The buyer accepted the counteroffer. On April 2nd at 11:00 AM, the buyer provides notice to the seller that the condo documents are not satisfactory. What is the contract status?

Answer options: ✅ The contract is null and void.

• The buyer must re-negotiate the price to accommodate for the unsatisfactory documents.
• The seller is obligated to address the buyer's concerns with the documents.
• The buyer has waived their right to object to the documents by accepting the counteroffer.

Correct answer: The contract is null and void.

Explanation: When a condition precedent is not satisfied by the buyer and proper notice is given within the specified timeframe, the contract typically becomes null and void. The buyer is not obligated to proceed or renegotiate if the condition is not met to their satisfaction, nor is the seller obligated to address the concerns unless specifically agreed upon in the contract.