Offer Agreed Upon, But Not Signed? Don't Count on that Deal Yet!

It can  sometimes be an emotional rollercoaster when you are looking for homes. Especially now, when inventory is low, and there is competition from other buyers on the house that you want.

Even if the sellers have verbally agreed to your price and terms,if they haven't signed your offer to purchase, you do NOT have an enforceable contract.

What do you think would happen if the sellers only agreed to your offer verbally, and then a much higher offer came in?  ... You're right if you think you wouldn't have a leg to stand on if the sellers chose that offer over yours.

Let's suppose  that there is more than one owner of the property- in that case, you need ALL the owners signatures for an enforceable agreement. One signature when three are needed does not consitute an enforceable contract.

The important thing to remember is that you have a valid signed agreement that is authorized properly by all parties involved.

NOTE: Spending money on any kind of building inspection before you have the correct documentation may end up being money wasted.

Bottom Line? It is most important to contact your attorney for clarification, and legal advice.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

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