HELP! Can we still back out of a house purchase if we have signed a sales agreement but not a contract?
We found a home we really like, made an offer, seller accepted the offer, we signed only the sales
agreement, had it inspected and the lawyer is now preparing the contract (so we have not signed any contract yet). We fear that the house has not been reassessed for the past years and that the tax did not reflect the very nice and expensive pool. If we learn that the tax they have disclosed to us during the open house is not updated, can we still back out? We did not ask about it when we offered. do we need to pay the atty who prepared the contract?
Thanks for your answer
Since Elaine saw the home at an Open House, she probably didn't have had her own Realtor, and may already feel misled by the listing agent, so turned to us for our advice.
Sometimes buyers try to do it on their own without a Realtor "to save money", because they don't understand the role of the Realtor. As you can see it in this case it could end up costing more. If Elaine decides not to go through with the transaction, the money spent on the home inspection could be considered tuition in the school of life's lessons.
When a property is listed by the seller, the cooperating brokers commission is included in the listing agreement. When the home is put on the MLS, it can be shown by any Licensed Realtor. It isn't necessary to call each agency to see each particular home. We all show the same homes, what differentiates each Realtor is their level of service. The buyer should go one step further and get a buyers agent who works on their behalf instead of the seller. The Realtor has a lot of knowledge they would be able to share if they are working for the buyer that they may not be able to share if they are working for the seller.
Best of luck to you Elaine. I hope it works out for you.
Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman- Babylon
631 422-8269
What is your Realtor advising you to do; but most of all what is attorney saying to you--keep in mind until money is exchanged and contracts are signed you have no obligation.
Anna
917-576-5376
abrocco@laffey.com
The contract is prepared by the sellers attorney, and the seller is responsible for paying their attorney.
Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman- Babylon
631 422-8269
First of all, NY (especially Long Island) is different from any other place in the practice of real estate and the only relevant answers you will receive are from Long Island Realtors.
If both buyer and seller have not signed the contract and money has not passed, you have NOT purchased the house yet and have no obligation to move forward.
Do have your Realtor verify C of O's on the pool or any other improvements so that you know it is included in the property taxes. You can also go to town hall yourself to get verification; this is all public knowledge.
See my answer to your question in "Home Buying in 60611" category
emilyknell1@yahoo.com
http://www.emilysellshouses.com
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