Newark, NY asked in Real Estate Law for New York

Q: Can a seller accept a 2nd purchase offer after signing and accepting mine in NY state?

I submitted a offer on a house. The seller countered and I accepted. The seller's agent then called my agent stating there was an escalation offer at ask and could we offer seller a little more. I offered $10,000 more. The seller accepted and signed the paperwork, which is sitting at attorney. I got a call from my agent informing me there is a signed deal with the other interested buyer and the seller isn't sure which one of us he wants to sell to. Can he back out of the deal with us and go with the new buyer? My offer was signed first. It has not gone through attorney approval on seller's side.

Related Topics:
4 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: As you just have an accepted offer but not a contract, there is nothing yet binding on anyone. Only a contract can lock in a deal.

1 user found this answer helpful

John Robert Skrabanek
John Robert Skrabanek
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: The sales contract--not just the offers--must be signed by both parties to be enforceable.

1 user found this answer helpful

Elaine Shay
Elaine Shay
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: Generally a fully executed and delivered contract of sale (not offer) is required to have a fully enforceable agreement. However, if you have a high tolerance for risk, depending upon the facts of your particular case, you may have an actionable claim if you are prepared to litigate.

1 user found this answer helpful

Peter Klose
Peter Klose
PREMIUM
Answered
  • Nyack, NY
  • Licensed in New York

A: It's a very hot market, maybe change your terms to some extent. Offer all "Cash" perhaps?

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.