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October 29, 2007
Contract Signed Means...
First-time home buyer here, so pardon my ignorance. When a contract is signed, does that mean the seller/broker cannot accept another offer and that you pretty much have the place?
Comments
The property is only off the market when both parties sign. Still, even getting the contract is a big step in the right direction. If the seller hasn't signed yet then put pressure on your lawyer to put pressure on the seller to sign it get it back to you, though most of the time there's some negotiating to do. Good luck. Whatever happens don't give up! Buying RE can be discouraging (esp in NY) but it's still a very good idea.
Posted by: guest at October 29, 2007 6:35 PM
Also remember that once the contract is signed, if the buyer backs out they can lose their deposit. Some contracts have a financing contigency, that if you can't get financing you can get your deposit back.
Posted by: guest at October 29, 2007 8:27 PM
It is basically yours, so long as the bank approves.
Posted by: KarinaB at October 30, 2007 11:54 AM
"basically yours" is an understatement... ultimately, you have till you sign a final version of that purchase agreement, your mortgage aggreement, insurance forms, title and deed, yada, yada, pay your lawyer, pay for everyone else's attendence fee and are handed over your keys. then yeah, when your wrist is hurting from signing a billion papers, then you can say, "it's yours."
the seller can pull out of the deal at anytime in between that. but still, take this time now to shop for a decent mortgage rate (that should be your next big headache, joy!)...
its a crazy process but in the end run, its so worth it. Congrats!
Posted by: guest at November 2, 2007 10:32 AM
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