An offer is just that - an offer. If it is not accepted by the seller within the limit you set, your offer is void.

Most offers are contingent offers - that is, they become void unless certain things happen.

All offers are contingent upon:

Your price and terms being accepted. An offer could also be contingent upon:

Books and records meeting your satisfaction, all equipment being in working condition assignment of lease

The business being sold free and clear of debt Ability to get necessary licenses and permits. Business passing necessary inspections. If any of the contingencies in an offer are not met within the time frame you set, the offer is void and your deposit is returned to you.

Most offers are also conditioned upon certain promises by the seller, such as:

Seller providing a non-compete agreement

Seller agreeing to a specified training period