Hello, a binder is not a legal contract. Basically, a binder means that you have put in an offer at a certain price for a particular property, with a certain amount as a down payment and sometimes other conditions.

You can pull your offer at anytime before you go into contract. The reason you sign is because it is proof to the seller and broker owner that you legitimately put in an offer.

Don't be afraid to put in a binder, it just states interest in a property. Plus putting in a binder is the only way for you to start the process for getting a property.

Rhonda Holt
Licensed Agent - Specializing in Co-op & Home Sales
Awarded 1st Place in Sales for 2008 and 2009
Weichert Realtors, H.P Greenfield

Bob ,
This is a legal question and a real estate broker or agent is not supposed to give legal advice.
My broker training taught me that in NYS you must go to contract and that binders are not used.
Also an agent broker is required to present alloffers!!!
In any case you need a lawyer to go to contract ,so please get you own attorney and ask them
You may also want to ask this question of the attorneys on Trulia such as Barbie Lieber or Joseph Ferrara.

Hi Bob,
The difference in whether or not the binder is actually enforeable could be different depending on your particular area. For instance, from Albany North, New York, the agents actually have the perspective buyers sign the purchase offer that will become the contract. Here in Orange County, that is not the case. We sign a "binders" that are a preliminary to the actual contract. Most DO state that it is legally binding, but whether or not it is enforceable is largely debated. It is definately a legal issue. Office or company policy may be that only written and signed offers be presented. The seller of the property may only look at a signed offer. And honestly, if you are serious about making the offer you need to let the sellers know it. They probably won't take you or your offer seriously if you are unwilling to sign, or even put a good faith deposit down. Too many buyers run around making offers all over the place and playing games. This just is discouraging and a time waster for everyone. Not saying this is your case, but maybe you can appreciate the agent and possibly the sellers point of view. Besides, don't you want to kow that the offer is actually correct? Looking it over and signing it gives you a chance to make sure it is right! Good luck to you..

Every legal document signed should be consulted with your real estate attorney.

Yes any agreement signed is binding. Terms and conditions of contract governs all. Confer with real estate attorney