Home Buying in Michigan>Question Details

B Smith, Home Buyer in Michigan

If the seller makes a counter offer and the buyer accepts and signs the PA is this a binding contract?

Asked by B Smith, Michigan Fri Mar 6, 2009

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It is hard to say without first seeing the sales contract, but I would tend to say yes. By signing the contract you are agreeing to the terms of such contract. If you're looking for away out, which I am assuming you are, please correct me if I am wrong. You might just want to give up your earnest money (assuming the seller is happy with this) and move onto the next deal. But, worse case is that the seller sues for breach of contract. Either way I would hire an experienced real estate attorney. We offer a service were we review the sales contract for you, neg. on your behalf, coordinate the closing and have an experienced in house real estate attorney review the sales contract. While at the same time giving you 65% of the commission back at closing if buying from a FSBO and 55% back if buying property that is listed with an agent. Alot of our buyers have been using this money towards their downpayment. All you have to do is spend the time driving around looking at properties. I can be reached @ (248)943-4801.
Web Reference: http://www.reozom.com
0 votes Thank Flag Link Fri Mar 6, 2009
Mr B. Smith,

I would really like to have more information with your question. However, even with more information, I would advise any person asking about the validity or whether a contract is binding, seek the advise of an attorney. An attorney can advise you, assist you, and help you enforce the legal rights you may have, if in fact, your contact is found to be binding.

Kay Pearson, CRS
Associate Broker
Max Broock Realtors
31 S. Main STreet
Clarkston, Michigan 48346
Web Reference: http://www.KayPearson.com
0 votes Thank Flag Link Fri Mar 6, 2009
B, did you receive a copy of the signed PA? If the counter offer you made was accepted and signed (acknowledging) by the buyer WITHOUT ANY CHANGES, then in all probability, you have a binding contract. Please keep in mind that any time a buyer or seller makes a change to a purchase agreement, that constitutes a new offer and needs to be countersigned by the other party to make it binding. If you do not have a copy of the buyers signature on your counter offer, it may be difficult to prove they actually signed it. Please, after consulting with your Realtor (you do have one right?) contact an attorney. An attorney is the only one that can give you legal advice and help you determine your options. Good luck!
0 votes Thank Flag Link Fri Mar 6, 2009
I agree with Jeanne.
In Michigan, if there are no changes to the counter and the buyer signs, once the sellers agent is notified and recieved a copy, it is binding. There is a place on MAR forms for the seller to "bottom line" or acknowledge the buyers acceptance.
0 votes Thank Flag Link Fri Mar 6, 2009
B Smith, It is a binding contract in Louisiana when the seller is notified that the counter offer has been signed and has received a copy, or if their agent has received a copy of the signed counter. If you never returned the counter to the seller, it is not. Every states laws vary.
Web Reference: http://www.JeanneStroda.com
0 votes Thank Flag Link Fri Mar 6, 2009
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