Home Buying in 11757>Question Details

Elaine, Home Buyer in 11373

HELP! Can we still back out of a house purchase if we have signed a sales agreement but not a contract?

Asked by Elaine, 11373 Tue Jun 30, 2009

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

Help the community by answering this question:


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.

0 votes Thank Flag Link Thu Jul 2, 2009
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.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Jul 1, 2009
See my answer to your question in "Home Buying in 60611" category

0 votes Thank Flag Link Tue Jun 30, 2009
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