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Understanding the Rights of Buyers and Sellers
- Purchase offers & acceptances involve contract rights
of the buyer & seller.
- Verbal communications do not create an enforceable
obligation on the part of the Buyer to purchase or on the part of
the Seller to sell.
- Until all material terms of an offer to purchase have been
set forth in writing & signed by the proposed Buyer it is not
binding on the Buyer, and unless & until it is countersigned
by the Seller, it is not binding on both parties.
- A Seller is not required to accept any offer, regardless
of its terms, including a “full price”
offer.
- A Seller is not obligated to offer a prospective Buyer a
“right of first refusal” or the opportunity to
improve his / her offer. Although this could occur in
negotiations, it is not required.
- An offer to purchase, when signed by all parties, becomes
a binding contract according to its terms, subject to any &
all contingencies contained therein.
- If contract documents are not fully understood, I
recommend consulting an attorney before signing.
- In the event another Buyer wants to submit an offer to
purchase, even though a written offer has been accepted, the
listing agent is obligated to inform the Seller of such
offer.
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Al Ryer
PLATINUM AWARD WINNER
Licensed Broker/Associate
RE/MAX North
20 Pineview Dr.
Amherst, New York, 14228
(716) 864-9999 Direct
(24 hours)
(716) 743-6689 Voice Mail
(716) 691-0787 Business
(716) 408-0744 eFax
Call Me For All Your Real Estate Needs.
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