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October 9, 2003 The first and last thing to remember when buying a home is that verbal agreements do not hold water. Until your purchase offer is signed by the seller(s), and their signed acceptance is presented to your agent or you, the seller can entertain and even accept another offer. Once you have a binding contract, the seller is usually obligated to sell the home to you, unless you both agree to cancel. But the seller is under no such obligation during the negotiating process unless there is a contract. To avoid disappointment, keep in close contact with your agent until the agreement is signed, sealed and delivered. The above article appeared in the Skokie and Lincolnwood Review |
