Home Buying in New York>Question Details

partners, Home Buyer in New York, NY

I made an offer on a coop apartment in NYC and the offer was accepted. Nothing has been signed. Can I back out of the deal?

Asked by partners, New York, NY Mon Jun 24, 2013

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Answers

11
Yes. You can back out as long as there was nothing signed!
1 vote Thank Flag Link Mon Jun 24, 2013
If the contract was not executed, signed by all parties, you can back out...
1 vote Thank Flag Link Mon Jun 24, 2013
No reason why you shouldn't be able to. I would Do it sooner than later so everyone can't be too upset. Last thing you want to do is to purchase a property you aren't absolutely in love with.
1 vote Thank Flag Link Mon Jun 24, 2013
Yes you can back out this deal an accepted offer is not binding until the contracts have been executed until that you may back out.

thanks Felix
Robert Defalco Realty
(917)692-7702
0 votes Thank Flag Link Wed Jun 26, 2013
Thank you all very much! I appreciate your guidance! I'm considering an apartment in the 80s on CPW facing the park.
0 votes Thank Flag Link Wed Jun 26, 2013
Yes, you can back out...an accepted offer is not binding. Once the offer is accepted, your real estate attorney would need to draw up a contract which would be signed by buyer and seller. You as the buyer would be required to put down a "good faith deposit" of 10% of the purchase price. After this, if you back out, you will lose your deposit. Until that point, you can change your mind with no penalty except for possible legal fees for time your attorney spent on contract.
Michele Portnof
Senior Associate Broker
Rutenberg realty
mportnof@crrnyc.com
0 votes Thank Flag Link Tue Jun 25, 2013
yes you did not sign anything.
0 votes Thank Flag Link Tue Jun 25, 2013
Absolutely, it's only binding when you sign either a binder agreement up-front or have a fully executed contract between buyer and seller.

Chris
0 votes Thank Flag Link Tue Jun 25, 2013
Partners,

If you have not signed anything, of course you can.
0 votes Thank Flag Link Mon Jun 24, 2013
You can always back out at this point. however if tou think the coop could work for you take a day or two and think about it before completely back out. It's never easy finding a place here in the city and comprise is almost always a factor here in the city.
0 votes Thank Flag Link Mon Jun 24, 2013
Yes you can. The only thing that legally commit you to a purchase is a fully executed sales contract.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon Jun 24, 2013
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