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.