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FOCUS: REAL ESTATE OFFERS March 1, 2010

Posted by zvaida in Buffalo-Niagara.
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Sellers and Buyers should be aware of the following regarding offers to purchase real estate:

  • Purchase offers and acceptances involve contracts rights of the seller and buyer.
  • Verbal communications do not create an enforceable obligation on the part of the seller to sell or on the part of the buyer to buy.
  • Until all material terms of an offer to purchase have been set forth in writing and signed by the proposed buyer, the offer to purchase is not binding on the buyer.  Unless and until it is countersigned by the seller, the offer to purchase is not binding on either party.
  • An offer to purchase, when signed by all parties, becomes a binding contract according
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