Seller guide
Reviewing offers
An offer is a written proposal to buy the house on stated terms. You can accept it, reject it, or send back a counteroffer. In Utah, the usual home purchase contract is called the REPC, the Real Estate Purchase Contract. This page explains it from the seller’s side. The copy you sign is the one that counts. This is not legal advice, and it does not promise a price.
In this guide
Price is one line
The price matters. So do the dates, what stays with the house, who holds the earnest money, and which boxes are checked. Furniture stays only if the contract says so. In a ski house, read the furnishings line before you accept.
A counteroffer is a written change. The sale starts when both sides have accepted the same terms. That moment is acceptance. A verbal promise is not a contract.
Earnest money
Earnest money is the buyer’s deposit. It shows the buyer intends to complete the purchase. If the sale closes, it is credited toward the price. It is not an extra fee the buyer pays you on top of the price.
On the standard form, the buyer delivers the earnest money within four calendar days after acceptance. The brokerage then has four calendar days to deposit it into its trust account, or with a title company when the contract says to do that. If the contract changes those days, follow the contract. If the money is not delivered on time, you may be able to cancel. Read the line before you rely on it.
Whether the buyer gets the deposit back depends on the deadlines and the boxes that were checked. Canceling inside a right the contract gives the buyer is different from walking away after those rights have ended. Do not treat the deposit as money you already have.
Deadlines and the boxes
You and the buyer write the dates in. On the form in wide use, look for a seller disclosure deadline, a due diligence deadline, a financing and appraisal deadline, and a settlement deadline. A later printing of the form may split one of those lines. Use the dates on the copy you sign.
On the standard form, a deadline is 5:00 p.m. Mountain Time on the date you wrote, unless the contract says otherwise. Days are calendar days. Weekends count. Put the dates on a calendar the day the contract is accepted.
Seller disclosure
You provide a written disclosure of what you know about the property, by the date in the contract. It is your statement. It is not an inspection.
Due diligence
If that box is checked, the buyer has time to inspect, read the title commitment, and read the association documents. The buyer may cancel in writing by the deadline, and the form then says the earnest money is released back to the buyer. You do not have to repair what the inspector finds. A repair or a credit counts only when both sides sign it.
Financing and appraisal
If the loan box is checked, the buyer has a deadline tied to the loan terms. The appraisal, when that box is checked, is a separate cancel right up to the appraisal deadline. An appraisal is an opinion of value for the lender. It is not a punch list, and it is not a promise that a buyer will pay the list price.
Settlement
Settlement is closing. The settlement deadline is the date the contract gives for signing and recording. It can move if both sides sign a change. The closing page describes what happens on that day.
More than one offer
You may see one offer, or more than one. Nothing requires you to take the highest price. A higher price with a long list of open boxes is a different proposal from a lower price with fewer ways for the buyer to cancel. Read each contract for what it still leaves open.
You can accept one, reject all of them, or counter. You do not have to answer on someone else’s timetable unless the offer itself gives a deadline you choose to honor. This page does not promise that a second offer will arrive.
Questions, answered
Do I have to accept the highest price?
No. You can accept, reject, or counter. Price is one line. Dates, inclusions, earnest money, and the boxes for due diligence, financing, and appraisal are part of the same reading. The decision remains yours.
When is the buyer’s deposit due?
On the standard REPC, the buyer delivers earnest money within four calendar days after acceptance. If your contract changes that, follow the contract. If the sale closes, the deposit is credited toward the price. It is not money you already have.
What if the inspection finds a problem?
You do not have to repair it. If the buyer’s due diligence box is checked, the buyer may cancel in writing by that deadline, or you may both sign a repair or a credit. Missing the deadline can waive the buyer’s right. The signed contract controls.
What time do the deadlines use?
On the standard form, a deadline is 5:00 p.m. Mountain Time, and days are calendar days. Weekends count. Use the time printed on your contract, and put the dates on a calendar when the offer is accepted.
Places and the market
The home value page uses this same form and answers a few questions about a private valuation. It does not show a price.