Connielhill, Home Buyer in West Palm Beach, FL

when it says contract signed that means it's sold right?

Asked by Connielhill, West Palm Beach, FL Wed Jun 20, 2012

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17
Joseph C. Hastings’ answer
Wrong! A fully executed contract has been signed by both buyer and seller and hopefully everything has been agreed to as consideration is given in the form of an escrow deposit.

If there is a mortgage contingency, there is a possibility of the Bank not committing to the deal for any number of reasons. Those reasons might include a lower appraisal amount than the agreed to selling price. Once the Bank pulls out the contingency kicks in and the deposit goes back. If it's a Condo the board of managers would need to waive the right of first refusal.

You are well on your way to closing the sale with a signed contract. What are your thoughts here? it seems like there is something that has gone unsaid by you. In any case, good luck.
0 votes Thank Flag Link Thu Jun 21, 2012
BEST ANSWER
Contract Signed means there is a signed agreement between the buyer and seller. In Manhattan that does not necessarily mean it will go to closing. Since Manhattan is made up of mostly co-ops, about 80%, the buyer must pass a co-op board interview. If the board rejects the buyer, then the seller is back to square one and they must find another buyer, and the apartment could go back on the market.

Nicole Gary
Licensed Real Estate Salesperson
Keller Williams Realty NYC
425 Park Avenue
6th Floor
New York, NY 10022
M :(914) 557-1666
E: NGary@kwnyc.com
1 vote Thank Flag Link Wed Jun 20, 2012
An executed contract, occurs when the document is signed by all parties, and deposit money was exchanged--it means that an agreement is in place, and if all conditions in the contract are met, a closing will occur. Not all properties that under contract necessarily end up closing--for a more detailed explanation consult with your agent.
1 vote Thank Flag Link Thu Jun 21, 2012
No, it means a contract is signed. It isn’t sold until the title is transferred. Sale pending might be a better term.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Thu Jun 21, 2012
The simple answer is "NO". This is why you need to hire a lawyer.
0 votes Thank Flag Link Sat Feb 9, 2013
Christopher No. In these challenging times I have seen my share of contracts falling apart ; for example because someone changed job etc. Having a contract is not a sure thing.
0 votes Thank Flag Link Mon Aug 13, 2012
It means that there is a deal struck and executed contracts between buyer and seller. Deals fall apart all the time so it's not over until it's over.

Chris
0 votes Thank Flag Link Mon Aug 13, 2012
Even if the buyer and seller are in a contract, anything can happen. A dilemma may occur and the deal can end up falling apart.

Amy Liu
East Coast Realtors, Inc
0 votes Thank Flag Link Mon Aug 13, 2012
Ins the contracts are fully executed but anything can change...deals fall apart all the time.

Chris
0 votes Thank Flag Link Sun Aug 12, 2012
In my experience there are many ways to not close a deal that has questionable concerns,that being
if the agent refused to show an apartment to to other buyers if buyer had put a condition on his bid....
In my case the buyer appeared in two weeks after listing was made public.
the buyer did not have a buyers agent which I would strongly encourage a seller to require ..............
meaning my agent in this case becomes a Dual-Agent....i was never informed or my RE lawyer
was to find the document ..or i was to make it my business to understand the Disclosure documents..
which one has no time to do in the middle of being encouraged to move it on by the Lawyer,Real EState agent.....
Finally this basically leaves the Agent the ability to have a Direct Deal....and become a Dual Agent...
Never do this as it will only create a feeling of being duped,pushed,having your fiduciary withhold information..it simply is not good thing.... to have Dual Agency in anything!It should be illegal! in the sale of your home...........
it will be a stopping point to raising your price,getting the highest offer,and of course the feeling of being duped by your own agent who has not informed you properly of the contract in question......
Disclosure Documents need to be explained...........Your agent will ultimately favor the buyer which
leaves a very bad taste in the sellers mouth...why should she find another buyer when she has one in her hand..and finally the price through all this should be much higher than the ending price as you will
be bargaining over one thousand dollars for many weeks as happened in my case which only means that it should have been at least 380,000 listing and sold for 345,000 as happened in my case ......
i did not do my homework and it caused alot of stress due to my agent taking advantage of my
naivete............the agent can loose their license in New York if the seller finds this out...or the RE Company..the supervisor..........Halstead Realty........Good Luck
o yes my agent told me that i would get 1400 to rent my apt. which is really a bold faced lie,,or my stupidity





and remember New York City is the most desired place to live and to find a bargain amongst sharks is quite an accomplishment........my apt. was a studio in a 301 e. 62nd st building..and i was told by my agent that i could only get 1400.00 for rental so i had better sell lickicty split..........Very Sorry for this experience........i should have gotten 375,000 at 650 sq ft. at 550 maintenance..so beware....and be smart u can stop a sale at your discretion if u feel u have been duped...
0 votes Thank Flag Link Sun Aug 12, 2012
Very simply with out all the dialogue this is a…. Conflict of Interest………Anyone who represents both sides of a sale will not get you the Fiduciary a higher price…will favor the buyer…or convince you of it…..Two Faces…and if they simply forget to inform u that they are representing the buyer….who has the control…………..so its the buyer and agent against the seller…no other person
will get a shot at this property…………….
Flag Wed Jan 29, 2014
ELAINE STRATOS….CURRENT MARKET RENTAL ON MY 650 SQ FT COOP
IS AROUND 2250 TO 2500…AS OPPOSED TO BEING TOLD IT WOULD BE 1400!…THIS BY A BROKER WHO SIGNED ME,SELLAR, ALONG WITH THE BUYER………PREETY GOOD FOR A BROKER FROM LONG ISLAND TO SCAM A LONGTIME…40 YEARS…IN MY APRTMENT!!!!
FROM HALSTEAD REALTY ON PARK AVENUE…..
Flag Wed Jan 15, 2014
Former Owner..UES...of a Studio..
Flag Sun Aug 12, 2012
i was the owner of this apt. the seller......Upper Eastside.........i was also threatened with a lawsuit by the Agent when i threatened to pull out..i legally can get the commission.back..by not having been informed...of Dual Agency..go to new law in New York city about having to sign an affidavit that the seller has been informed and that two signatures are necessary on the Disclosure Docs.
Flag Sun Aug 12, 2012
I'm sitting in our home right now, which we bought after the sellers signed a contract with other buyers, and the buyers backed out (using a contingency clause in the contract).

My husband really loved the house, he found it after the contract was signed. I was away on business. So I told him on the phone, go track down the seller's agent, and tell her that we're very interested if anything goes wrong. Well.....here we are.

All the said, most of the time, properties do go on to closing.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
kharby@crrnyc.com
212-688-1000x146
0 votes Thank Flag Link Sun Jun 24, 2012
No it not sold until the parties complete the closing. Keep an eye on these if for some reason the deal falls through, than you will see BOH, Back on the Market.
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Connie,

When you see listings that say "Contract Signed" that means that that the buyer has signed a written agreement to purchase the property and given a deposit. The agreement is is also signed by the seller who accepts the offer to purchase. At that point the apartment is no longer shown.

Here in Manhattan thee is a process prior to closing. Board packages must be submitted to coops, as the buyer will have to pass a board interview.The board can reject or approve the buyer. When the buyer is approved, a closing date is arranged with the buyer, seller, their attorneys, their brokers and the coop's closing department. If the buyer purchases a condo, a board package must also be submitted allowing the board to waive their first right of refusal. No board interview is necessary in condos. Once the condo board waives their first right of refusal, a closing date is arranged with the buyer, seller, their attorneys, their brokers and the condo's closing department.

If you have any additional questions feel free to contact me.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Thu Jun 21, 2012
when the contract is signed, the parties agree to sell - sold will be when there closing took place: and money was paid in full by the buyer to the seller, and the seller transferred title to the buyer.
0 votes Thank Flag Link Thu Jun 21, 2012
Hello Connie,
Contract signed means that the apartment is off the marked and is waiting to be closed or sold.
Apartments that have an executed contract, which is another term for contract signed, will no longer be shown
to the public and will wait for the buyer to perform all their due dilligence in order to purchase the property.
If the property is being funded by the bank, then the bank will send an apraisor to valuate the property.
Title insurance will perform a title search, lawyers will perform their due dilligence on the building to find out if there are any outstanding liens or litigations etc...
It is best to look for an apartment that does not have a signed contract, because, most of the time, when there is a contract signed, 80% of the time the property will be sold!
If you have any other questions, please feel free to ask.
Good Luck in your search!
Fern Hamberger
Vice president Asso broker
Citi-Habitats RElocation and Corporate headquarters
fhamberger@citi-habitats.com
646-660-0060
0 votes Thank Flag Link Thu Jun 21, 2012
Its not quite sold until the fat lady sings. But you will want to move on to the next property instead of pinning hopes on something that has a good chance of being sold.

You now have the opportunity to search approximately 20,000 exclusive listings, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).

These are the most accurate listings you can find in NY because they come from the brokers themselves; there is no bait and switch, no duplicates, and no opens; and are updated every hour.

Read: How to Buy an Apartment in Manhattan and Get the Best Interest Rate

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/how…

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes Thank Flag Link Wed Jun 20, 2012
Generally that would mean that the sellers and buyers have signed legally binding contracts and are moving towards closing. However there can be many hurdles along the way and various things can void the contract (appraisal coming in short, failure to obtain a mortgage etc. depending on the terms of the contract) in which case the property could come back on the market.
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Wed Jun 20, 2012
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