Q: Can another offer on a home/property be accepted once a purchase offer has been accepted, and documents signed?
Purchase offer accepted. Signed papers in hand. Realtor sends email stating that another offer has been made on the property, and it is for more than what was accepted. So both parties need to come up with a new offer within a few days, and then they will accept the highest offer. Something to do with a' 3-day for lawyer to go over everything'. And since the offer was accepted on Monday, and a new offer was made on Tuesday, this is legal. Is this true?
A: Simply put, it depends. Once you have entered into a contract to purchase property, a seller cannot simply backout because a better offer comes along. However, the issue is at what point you have an accepted offer that results in a binding contract. To evaluate your specific situation, a lawyer would need to review the exchanges that took place and advise you accordingly.
Bruce Alexander Minnick agrees with this answer
1 user found this answer helpful
A: It depends what are the "signed papers". An offer is not binding. A contract signed by both sides is binding.
Bruce Alexander Minnick agrees with this answer
1 user found this answer helpful
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