Best and Final Offer
A best and final offer is a buyer's submitted offer intended to be the strongest (and typically last) proposal in a competitive situation, often requested when a seller wants to avoid iterative back-and-forth negotiation. It usually includes both price and deal terms (for example, timing, contingencies, and financing posture).
- Where it applies
- Generally, not specific to New York
- When it comes up
- Offer / Negotiation
- Property types
- Residential Sales
In practice
In NYC practice, an accepted offer frequently remains non-binding until contract execution, which affects how "best and final" is operationalized.
Read more in the Knowledge Base
- Creating Urgency Without DiscountingSellers
- Behavioral Economics of the NYC Bidding War - Anchoring and Social ProofBuyers
Related terms
Residential Sales Terms
- Agency Disclosure
- Appraisal
- Attorney Review Period
- Earnest Money Deposit
- Mortgage Contingency
- Offer (Purchase Offer)
- Property Condition Disclosure Statement
- Transfer Taxes (NYS RETT, Mansion Tax, NYC RPTT)
General information, not legal, tax or financial advice.