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June 11, 2009
putting down offer-obligatory?
Hi,
If I give an offer on a building, then what does it mean?
Do I have to buy at that price? does it oblige me at all?
Comments
No you do not, you can rescind it. The owner can reject it. If your offer gets accepted then you are obligated after an executed contract/deposit.
Posted by: Crownlfc at June 11, 2009 7:03 PM
we gave an offer, then has inspection. Then we nitpick on things and asked to drop price. We got 2% lower.
As Crownlfc mentioned, signed contract is the liability (minus contingencies, minus any mistakes in contract).
Posted by: bobjohn at June 11, 2009 10:02 PM
Nothing is legally binding until BOTH parties sign the Purchase & Sale Agreement.
Posted by: daveinbedstuy at June 12, 2009 7:53 AM
Nothing is binding until you sign the contract but if you made an offer and the seller accepted your offer, you aren't acting in good faith if you start trying to get the offer lowered without a good reason. If the inspection finds that the roof is caving in and you didn't know that, okay, negotiate. But if you're just getting cold feet, suck it up.
Until you sign on the line that is dotted, this is all about courtesy, though. You can walk, they can walk. They can take a better offer if you're jerking them around. You can walk if they won't take the price you decided you like.
Posted by: serpentor at June 12, 2009 4:33 PM
be careful if you sign an offer you are obligated unless its withdawn PRIOR to acceptance or according to its terms. The statute of frauds requires the person to be held to have signed...not necessarily both...
Posted by: smeyer418 at June 12, 2009 8:40 PM
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