When does an offer become a 'contract'. i.e., the buyer can not accept any other offers?

Asked by Susan, Waterford, WI Tue Jan 22, 2013

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Shanna Rogers, Agent, Murrieta, CA
Tue Jan 22, 2013
BEST ANSWER
Hi Susan,

You have a legally binding contract once all parties (buyers and sellers) have signed the contract/offer.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote
James Irey, Agent, Taylor, MI
Tue Jan 22, 2013
Once seller signs the offer and all terms are accepted it is a contract.
1 vote
Thank you!
Flag Tue Jan 22, 2013
Margaret Moo…, Agent, Chapel Hill, NC
Tue Jan 22, 2013
in a nutshell: A contract requires signatures of the parties, and communication of acceptance from the party accepting the offer/counter to the party who made it.
0 votes
Francine Wil…, Other Pro, Whitmore Lake, MI
Tue Jan 22, 2013
Once the seller's and buyer's signs a contract, it becomes legally binding. If you have chosen to proceed with a private home inspection and find issues during the inspection that you do not want to handle or is more than you anticipated, then you have only the amount of days written in your contract to put in writing to the seller that you are dissatisfied with your inspection and want to be mutually released from the contract with full earnest money or good faith money returned in full.

I can be contacted at 734-564-7471

Thanks.
Francine Willingham
Willingham Real Estate
http://www.WillinghamRealEstateLLC.com
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Jan 22, 2013
Are submitting OFFERS on multiple houses, and waiting to see which one is accepted?
Are you submitting multiple offers without a Reator representing you?
It sure sounds like it.

If you submit an OFFER and the Seller sends it back, signed; you have just made a CONTRACT.
0 votes
"It sure sounds like it" ....?? How presumptuous of you! I basically wanted to know when I don't have to worry that someone else can bump my offer. How you presumed I was going around town, unrepresented, throwing offers all around makes me wonder how you have VIP status on this site. Get over yourself!
Flag Tue Jan 22, 2013
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