When should seller stop showing a home?

Question

The seller of a condo we bid on has accepted our offer. I know we have to have him sign the contract and put the condo under attorney review.
What happens after the attorney review?
When should the seller stop showing the house?
We've already lost a condo we'd recently put a bid on that was under attorney review and don't want to lose this one. Help!

Answer 1

The seller isn't obligated to stop showing the home and taking other offers. If an offer is better than yours, for example, has no conditions such as attorney review or inspection, the seller can sell the condo while you're still going through the process. As a seller, he/she wants to get the best deal. As long as contingencies exist on your offer--attorney review, appraisal, etc, there is no deal, and he/she can look for a better offer.

Answer 2

Once a purchase contract is signed by all parties the seller can no longer turn down your offer in favor of another. However the seller can still show the home and accept back up offers incase your deal falls though(ie failed inspection or unable to obtain financing).

Answer 3

The seller may continue to show the house to any prospective buyer they desire. Frankly, I see no reason to stop showing the property to buyers until the actual closing. There has been more than one occurrence of a buyer failing to close because they lost a job or similar a day or two before closing.

The wise and prudent seller will continue to show the property to other buyers, and possibly take secondary offers to your primary offer, so that they are ready to move quickly should you be unable to complete the purchase for any reason.

Answer 4

contract must be signed& acceped by all parties,all conditions of the contract met,to inclued confirmation ofthe buyers ,loan approved.