Home Selling in Lincoln>Question Details

Mimoglay, Home Seller in New York

Who should sign a sales agreement first, the buyer or the seller? Or, should they both be present at the same time?

Asked by Mimoglay, New York Fri Jul 9, 2010

Help the community by answering this question:

Answers

9
Evening Mimoglay!
In a perfect world the buyer & seller would be present ... however, that is only in a perfect world!!! A buyer MUST sign the purchase & sale agreement first because after all until both parties sign it is only an offer to purchase.
Best of luck!

Erin DIaz, Broker ~ Owner
1 vote Thank Flag Link Mon Jul 19, 2010
The buyer needs to sign first. Otherwise, it's not valid. It would be ideal for both parties to be present, but that is not often practical. Regardless, be aware until both parties sign it's not a valid deal!
0 votes Thank Flag Link Sat Jul 10, 2010
Mimoplay, If you are worried about an addendum (you say revised sales agreement). Is it something your mom agreed to? If so, then there should not be a problem. Normally if both buyer and seller have agreed upon something, its' just a matter of signing. Have a "revised" sales agreement strikes me as odd, but maybe the laws are different in New York.

In any event, nothing is fully valid until signed by both parties, no matter which one signs first.

Your mom really should have a lawyer representing her, or at least a Realtor to guide her through. Good luck
0 votes Thank Flag Link Fri Jul 9, 2010
Mimoglay, It is always a great situation if both the seller and buyer can be at the table when everything gets signed. In most cases that does not happen, and the buyer usually signs the purchase & sales contract first as a check is also then provided as a deposit. Good luck with your transaction ! Joe
Web Reference: http://www.joedelsesto.com
0 votes Thank Flag Link Fri Jul 9, 2010
what if there is intermediary? should he sign in the agreement or just buyer and seller ?
Flag Thu Jul 4, 2013
Thanks for the responses. We are helping my mother sell her house in RI. She and the buyer signed the first sales agreement, but they buyer came back with adjustments after the structural inspection. She recently signed the revised agreement, but did so before the buyer. She is upset about this, and I was wondering whether she was right to be. Based on these answers, the buyer should have signed first.
0 votes Thank Flag Link Fri Jul 9, 2010
Dear Mimoglay,

Typically the Realtor representing the Buyer will draw the intial offer to purchase contract, sign it and then the Realtor will present the offer to the listing Realtor - who then will present to the Sellers. If the Seller's agree on the price and terms, then the Seller's will sign and reverse the paperwork flow back to the Buyers.

If the Seller's want to make changes to the initial offer, then working with their Realtor, a counter offer will be drafted to be reviewed by the Buyer... this negotiation period can go back and forth as many times until neither party wants to negotiate further, or they both sign and the neogtiated contract is ratified, along with a deposit to be held in escrow.

Many people want to try to sell their home themselves - but my advise is to use a licensed Realtor. It only makes sense to have representation. If the there is a Realtor representing the Buyer and a Realtor representing the Seller- often negotiations are much smoother, emotions can be held at bay, and is just a much better experience for all parties.


Best Regards,
Maureen
0 votes Thank Flag Link Fri Jul 9, 2010
Here in NY, the buyer signs the contract first, and gives deposit money--thereafter the seller signs--and that's when the contract becomes an executed contract.
0 votes Thank Flag Link Fri Jul 9, 2010
the buyer will sign the contract first and include a depoit that will be held in an escrow account, then the seller will sign. This will be a flly executed contract.
0 votes Thank Flag Link Fri Jul 9, 2010
This is a very good question!!!

I asked the same question years ago and an attorney told me that the most important thing to know and remember is the person who signs and dates the contract last starts the effective date of the contract.

It is amazing how few people are aware of this, especially in contract situations where there is a dispute. Another great tip is to make sure that when you strike out (use one line only) anything in a contract have all parties initial and date. If clean contracts need to be created, always keep the original contract for future reference.

Great question!
0 votes Thank Flag Link Fri Jul 9, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer