What does addendum 340-T represent in response to a buyer's offer?

Addendum 340-T serves as an express rejection of a buyer's offer. In real estate transactions, this type of addendum is used when a seller explicitly communicates that they do not accept the terms proposed in the buyer's initial offer. This is important because it clearly indicates to all parties involved that the original offer is no longer valid, and it establishes the groundwork for potentially negotiating future agreements.

While a counteroffer would suggest the seller is proposing different terms instead of outright rejecting the buyer's offer, and a confirmation of acceptance would indicate the seller agrees without changes, an express rejection leaves no room for ambiguity. Similarly, a clarification request would imply seeking additional information rather than making a definitive stance on the offer. Understanding the purpose of addendum 340-T is crucial for both buyers and sellers in navigating the negotiation process effectively.