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Backup Contract |
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I recently signed a purchase and sales agreement. I put an offer on a house of interest and owner excepted offer. I put down my deposit. I called agent several times to put a sale pending or remove sign from property. I was told till we close and money has been exchanged that he had the right to accept other peoples interest in the home. Is this ethical? |
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Those other would-be buyers pose no threat to you, if you already have an accepted binding contract. The seller does have the right continue showing the place. If someone else wants to buy the house, the seller could even accept a "backup" contract from a buyer who's ready to wait around in hopes that your purchase, the one that has priority, falls through. There's always a chance that something might go wrong. Perhaps the first buyer ends up unable to get the required mortgage loan, for example, or has to back out for some other reason. Only then would a backup purchase contract go into effect. The "for sale" sign, and other lookers, won't hurt you. But it's still the sellers' house, and they can do what they want with it. |
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Edith
Originally published on May 7, 2007 |
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