Profile picture for mirrow2

I have a written agreement from buyers for my home,and 1,000.00 earnest money..Is this binding

  • February 22 2012 - Cabot
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Answers (7)

Profile picture for mirrow2
Thank you..I am safe..
  • February 23 2012
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Profile picture for Frieda Triebel

A binding agreement would need to be in contract form.  It would be wise to consult an attorney at this point.  Be aware that once you have a binding contract, the details contained therein will determine under what circumstances you can back out of the deal.

  • February 22 2012
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It all depends on - what you've agreed to.

Well-written contracts define what constitutes acceptance and default pretty well. If you don't understand the contract you signed . . . well, it's attorney time.

All the best,
  • February 22 2012
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Profile picture for the_country_hick
A contract only becomes binding once signed by both parties involved in the transaction.

If you sign the contract and decide to not sell they can go to court, force you to sell, and collect monetary damages for you not doing so.
  • February 22 2012
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Without reading the terms of the contract it's impossible to answer, however if the written agreement is signed and you're holding money, it sounds binding.
  • February 22 2012
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Profile picture for mirrow2
Thanks.I don't have a problem with this..I am selling by owner and they wrote the contract..Suppose I decide I am not selling and want to stay..What happens?
  • February 22 2012
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Profile picture for Julann Carney
It will really depend on what your contract stipulates with regard to the handling of earnest money. Without knowing the language of the contract that your used in your written agreement to purchase I'm unable to offer you additional advise. Contracts can't be binding unless they are written & agreed to by both parties.
Best wishes,
Julann Carney
  • February 22 2012
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