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.