A deal is not completely solidified until you have a legally binding contract. In order to have a fully executed legally binding contract you would need to have signed the contract of sale and returned said contract and down payment check to the seller's attorney. The the seller has to sign the contract, deposit your down payment check and the fully executed contract must then be received by your attorney. At that point there is no turning back by either the buyer or the seller.
At that point there is still not a 100% guarantee that you will close, especially if you are getting a mortgage. However, at that point the seller would be obligated to you in a legal fashion. Prior to that point in time, either party can back out of the deal on a whim. I will add that usually it is the buyer who backs out and not the seller, but if the seller gets a higher or better offer than your, he or she is within their legal rights to go with another deal if you are not in contract.
If you want to discuss this further, feel free to contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Until a contract is signed, there are no obligations for either party. As soon as a buyer signs they are obligated but do not have a deal until the seller signs. This is why sellers keep showing their property until the buyer signs a contract even though they have accepted an offer. As a buyer, you should keep looking as well until they receive a fully signed contract.
Licensed Real Estate Associate Broker
450 7th Avenue Suite 1501
New York, NY 10123
There really isn't anything you can do. It looks like the seller probably got a higher offer and went with it. I wish you luck in your search for a condo. If you need any help, feel free to call me anytime.
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
No contract was breached, as you never had a fully signed contract.
Clearly, you had the opportunity to walk away since nothing was signed....you hung in there for 5 weeks and elected to remain in the deal hoping it would work out.
Sellers (and buyers) change their minds.
Time to move on and find another home!