From experience, buyers get cold feet and back out more often than sellers. I have seen it once in fact, this year coincidentally. None of us are attorneys of course, but it is generally true that no judge or court will force a homeowner to sell if they don't want to. However, if their backing out has caused damages to the buyer who has relied on promise to sell, it can cost the seller some money. Lots of unknown circumstances are possible from the little information you provide. Giving the date of 8-18-09 you may be asking about the 3-day period, Jeanne answers that on the button, IMO. But please tell us here what your outcome is so we can all learn. That is what this forum is all about. We all wish you the best I am sure. Carl
I am curious .......are you working with a Realtor? If so, he or she should be explainig the process to you. If you don't have a Realtor, then you will have to rely on your attorney to guide you (or, you can come back to Trulia, and ask us!!).
You have gotten many substantial answers to your question, so hopefully, you now understand that until the review is concluded, the seller can still cancel, and you, as the buyer, can do the same.
I suggest you call your attorney on Monday, and ask him or her what the status is, and when he expects the review to be over. At the very least, your attorney should update you on the changes that are being made to the contract.
Gina's suggestion that you should be lining up a home inspector, is a good one.......you should also have a mortgage rep/loan officer. lined up as well so that you can get started as soon as the review is over.
Good luck Pepe..............hope all goes smoothly for you!
Prudential NJ Properties
If you are in fact still in attorney review, either party can walk and the contract is not binding. Although typically attorney review is said to last three days, it realistically can and does last a few days longer and in most cases one the attorneys will write a letter concluding attorney review so that everyone is on the same clock. If applicable in your contract, once you have completed attorney review, you should be lining up the home inspection and/or arranging for the second deposit of monies which is why the conclusion of attorney review is in writing so everyone is made aware that the clock started on contingencies.
After attorney review the status should be updated as under contract.
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116 office
Until the process is complete, you are vulnerable to the possibility of another offer being considered. In fact, either party can exit the transaction without recourse during attorney review. So if you are excited about your deal, then talk with your attorney and ask him/her to move it along.
"Unwavering Commitment to Service"
Sarch the MLS at http://www.feenick.com
Attorney review is not a mystery, nor does it take "until further notice..."
Until attorney review is complete either side -- buyer or seller -- can walk away and cancel the contract for any reason or for no reason at all. It becomes binding after you are done with attorney review and under contract.