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.
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.
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A: The sales contract--not just the offers--must be signed by both parties to be enforceable.
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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.
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A: It's a very hot market, maybe change your terms to some extent. Offer all "Cash" perhaps?
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