REMEMBER MONOPOLY?

   How many times have you played Monopoly? It’s only a game, but one in which real estate is bought, rented and sold. You begin by going around the game board buying as many properties as you can. Soon, everyone in the game owns at least a few properties, and that’s when the bargaining begins.

   One player owns Ventnor Avenue and Marvin Gardens, but not Atlantic Avenue (the yellow properties). Another player has Pennsylvania and Pacific Avenues, but not North Carolina (the green ones). One player offers to trade even, offering Atlantic Avenue for North Carolina. The other player counters with "OK, but I want $200 to boot." It’s all done verbally, and in fun.

   In real life, real estate purchase offers are made in writing. Buyers make a written offer with their desired price, terms, and any special provisions. The sellers may either accept, or reject the offer. They may also make a written "counter-offer" which, in turn, may be accepted, rejected, or "countered." This process may be repeated until both parties are in agreement.

   Although verbal queries may be made to determine the acceptability of some aspect of the offer, each counter-offer must be in writing to be valid and enforceable. Once all parties agree, the signed "offer" becomes a binding contract. From that point on, the transaction will be consummated based on the written agreement.