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A Buyer's Guide:
TLDR: Once signed by both parties, this step makes the offer legally binding. Unless for a reason outlined in the contract, you risk losing your earnest money deposit for terminating the contract after the contract is ratified.
TLDR: Once signed by both parties, this step makes the offer legally binding. Unless for a reason outlined in the contract, you risk losing your earnest money deposit for terminating the contract after the contract is ratified.
This is it! This is the last step that officially, legally commits you to purchase the house!
While we don't want to scare you, it's important to understand the gravity of signing the contract paperwork after you and the seller agree on a price and terms. After you sign (even electronically), you are legally committed to buying the house. Going forward, you will lose your earnest money deposit if you back out for a reason that is not predefined in the agreed-upon terms.
It's important to note all of the dates and timelines outlined in the offer because once the contract is signed, the clock begins ticking. Our calendar (and email/text reminders) will help keep you on track to ensure you meet all of the deadlines.
Fun Fact
Fun Fact
The most common reason for a contract to fall through is not adhering to the timelines outlined in the contract after both parties agree to the terms. While we will certainly remind you of these deadlines, it's up to you to ensure you're meeting them, or else you risk losing your earnest money deposit.
What happens if the seller accepts a different offer after I've signed this offer?
What happens if the seller accepts a different offer after I've signed this offer?
Nothing is set in stone until a contract is signed by both parties. If the seller receives a better offer before they've officially signed the contract with you, they're free to accept a different offer with no ramifications. While we don't encourage this practice, buyers also have the option to walk away until the contract is fully executed.
Can I rescind my offer after I've signed?
Can I rescind my offer after I've signed?
If you have signed the offer but the seller has not signed their portion of the offer, you may still rescind your offer without ramifications. Note that you may always terminate the contract, even if you and the seller have already signed, but you will likely lose your earnest money deposit if the reason is not one outlined in your offer under a contingency.
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