The Counter Offer Addendum Minnesota is a document approved by the Minnesota Association of REALTORS. It allows buyers and sellers to modify specific terms of an existing purchase agreement during real estate negotiations. Common changes include adjustments to the sale price, earnest money, financing details, and closing costs.
When a buyer or seller cannot fully accept the terms in an offer, they use this addendum to propose revised conditions. The original purchase agreement is rejected on the modified points, and the addendum introduces new terms for the other party to review and sign.
This form is independent of any prior counteroffers. Only the terms stated within the addendum apply to the current negotiation round. Both parties must sign the document for the revised terms to become legally binding.
Use the Counter Offer Addendum whenever the original purchase offer contains terms that are not acceptable. Common situations include a buyer requesting a lower price, a seller asking for a longer closing timeline, or either party requesting changes to contingency clauses.
Because this document creates a binding agreement once both parties sign, review all terms carefully before adding your signature. Working with a licensed real estate agent or attorney in Minnesota is advisable for complex transactions.
Follow these steps to complete the form correctly.
Step 1 - Enter the date and property address. Begin with the date of the counteroffer and the full street address of the property. The address must match what appears in the original purchase agreement.
Step 2 - Identify the parties. Write the full legal names of both the buyer and seller as listed in the original agreement. Name discrepancies can create problems at the title company or during closing.
Step 3 - Reference the original agreement. Record the date of the purchase agreement being modified. This ties the addendum to the correct transaction when multiple offers have been exchanged.
Step 4 - Describe the modified terms. State clearly what each changed term was and what the revised version will be. Use specific language to avoid ambiguity. Common changes include a new purchase price, a revised earnest money amount, updated closing or possession dates, and changed contingency conditions.
Step 5 - Sign and date the addendum. Both the buyer and seller must sign and date the form. Without both signatures, the counteroffer is not valid. Once both signatures are in place, the modified terms replace the original agreement on those specific points.
What makes this different from a standard offer? A standard offer is the initial proposal. This addendum comes after an offer has been rejected or modified. It replaces specific terms while keeping all other original conditions intact.
Can either party withdraw before both have signed? Yes. Until both parties have signed, either side may withdraw without penalty. Once both signatures are in place, the modified terms are binding.
How many times can counteroffers be exchanged? There is no legal limit on the number of counteroffers that can be exchanged. Each new addendum supersedes the previous one. Only the most recently signed addendum is enforceable.
Does the addendum replace the entire purchase agreement? No. It changes only the terms listed within it. All other conditions in the original purchase agreement remain in effect unless the addendum specifically states otherwise.
For related documents, see our collection of real estate addendums, the counter offer form, or the real estate purchase agreement templates available on FormsPal.
| Question | Answer |
|---|---|
| Form Name | Counter Offer Addendum Minnesota Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | counter offer addendum, form, counter offer mn form, minnesota counter offer addendum |