Q: Is an accepted offer on a house binding in the state of NY
We made an offer on a house which was countered by the seller. We agreed. We were contacted by the sellers agent to begin the process of inspection, septic, lawyer etc. After we began the process we were told by the real estate agent that someone had made an offer over the asking price and that in the state of NY our accepted offer was not binding.
A: Generally, the Statute of Frauds requires the contracts for the transfer of real property be in writing to be considered binding. In the case of a written "binder" the terms are generally considered to vague to constitute an enforceable contract. However, it is possible that depending upon the facts of your circumstance that you may have a claim but don't expect that even if possible it to be simply or inexpensive to litigate to a conclusion in your favor.
A: Your real estate agent told you correctly. There is no contract for the sale of real estate in the state of New York unless and until the seller signs the contract, and in addition, the signed contract must actually be delivered back to the purchaser or to the purchaser’s lawyer.
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