When the offer is accepted by the seller? In other words, what's the latest either party in the deal can "pull out"?
2007-05-17 03:50:06 · 8 answers · asked by dullerd 2 in Business & Finance ➔ Renting & Real Estate
You have a valid contract for sale when the offer is accepted. At that point you have the elements of a valid contract, offer, acceptance and consideration. Keep in mind, however, that real estate contracts contain numerous contingencies which allow either party to back out at certain points in the transaction if they occur. Most real estate contracts are subject to financing, a home inspection, an appraisal, title search, etc. Any one of these contingencies could cause either party to decide not to complete the transaction. Most transactions make it through each of these stages without a hitch but you need to be aware it is a possibility.
2007-05-17 03:54:58 · answer #1 · answered by Anonymous · 4⤊ 0⤋
In contract law, an offer is binding and can be accepted (contract is completed), rejected (no contract), or a counter-offer made (original offeror has power to decide whether to accept, and there is no contract unless the counter-offer is accepted.) In many real estate contracts there are contingencies which, if they occur prior to closing, will allow the parties to cancel the contract. You REALLY need to read what you sign, and have a person who is on your side, not the sellers, available to answer questions and provide advice! Since you appear to be at least part-way in at this point, I suggest you call your lender and/or attorney -- NOW.
2016-05-20 19:50:24 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If a buyer makes an offer to purchase and the seller accepts the offer as presented, it's a done deal.
2007-05-17 03:55:55 · answer #3 · answered by jimmy dean 3 · 1⤊ 1⤋
You have a contract when both the Buyer and Seller have signed and initialed all changes to the contract, both parties have received a completely executed contract and the deposit money has been given to the Seller.
2007-05-17 05:24:38 · answer #4 · answered by mycornerofbrickheaven 3 · 0⤊ 1⤋
When the contract is signed, it is binding.
Whether a party can pull out depends on the warranties and other provisions in the contract.
2007-05-17 03:58:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Once it's signed by both parties, it's legally binding on both. Unless you had a timeframe on your offer that wasn't met.
2007-05-17 07:18:07 · answer #6 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
If you're a Texan; When you shake hands.
2007-05-17 04:01:44 · answer #7 · answered by judy bo-booty 3 · 1⤊ 0⤋
Ken is completely right!
2007-05-17 04:09:22 · answer #8 · answered by veronica 2 · 1⤊ 0⤋