Purchase offers and acceptances involve contract rights of the buyer and seller
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 materials 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.
A seller is not required to accept any offer, regardless of its items, 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 negations, it is not required.
An offer to purchase when signed by all parties becomes a binding contract according to its terms, subject to any and all contingencies contained therein.
If contract documents are not fully understood, we 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 an offer.
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