Home Buying in Pasadena>Question Details

Michael, Home Buyer in Pasadena, TX

1. I am buying a home, and I signed a counter offer that had a check in box 4, indicating that there were

Asked by Michael, Pasadena, TX Mon Jan 12, 2009

multiple counter offers. The way I read that box, the seller has to sign in box 7 since there is a check in box 4; however, the seller only initialed in #8. Is this the same thing? The language is awkward and unclear. The portion in the parentheses seems to suggest that there is a binding agreement because I, the Buyer received a copy. Reading on, it states Completion of this confirmation is not legally required in order to create a binding Agreement; it is solely intended to evidence the date that Confirmation of Acceptance has occured. Could you explain this confusing jargon please? Also, does escrow begin when the check is cashed or when the purchase agreement is given to escrow, or when I actually return the signed escrow instructions?
Thanks a lot!

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2
Michael
For legal advice, ask an attorney. This is not legal advice.

In order to have a binding agreement it needs to be confirmed by the maker. (meaning it shows a date when the counter offer was received. In a Multiple Counter offer situation, the maker signs in Box 7. If it were a single counter offer, they would sign acceptance in line 6.

As stated below, your Realtor should be explaining this to you.

Escrow begins with one of the Realtors takes the signed purchase contract, with all applicable counters, with the deposit check, to an escrow officer.

To reiterate, you need to ask these questions to your Realtor or their broker.
0 votes Thank Flag Link Tue Jan 13, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Without seeing the actual contract we can only tell you that you likely do not have acceptance if the seller has not signed in paragraph #7. Escrow usually begins the day the fully executed purchase agreement is given to escrow... but it sounds like you do not have that yet. What does your agent say? If you don't have an agent representing you, then the question is: why? You need someone in your corner who can explain all of this to you.
Web Reference: http://www.keyserhomes.com
0 votes Thank Flag Link Mon Jan 12, 2009
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