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Am I required to sign a binder? What is the difference between a binder and a contract?
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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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Am I required to sign a binder? What is the difference between a binder and a contract?
What is the difference between a binder and a contract? Am I obligated to sign a binder? I already put in a bid and it was accepted, but I think that the seller is going to ask me to sign a binder. I don't even really know what it is. I don't have a real estate agent, so I don't have anyone else to ask these questions.
TIA
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Posted 3/5/10 8:58 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
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Re: Am I required to sign a binder? What is the difference between a binder and a contract?
call your attorney. Mine said not to, but if they insisted to write something about being contingent with an inspecton.
honestly, I think they are more for sellerss markets. to make sure the buyer is serious, but these days what is the seller going to do? there aren't buyers in bidding wars any more.
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| Posted 3/5/10 9:13 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Am I required to sign a binder? What is the difference between a binder and a contract?
The binder isn't worth the piece of paper it's written on.
It's like a purchase order. Nothing really legally binding.
The binder is signed to show you are serious about the offer. Only the actual contract is legally binding.
If you want the house, i'd sign it.
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| Posted 3/6/10 4:01 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Am I required to sign a binder? What is the difference between a binder and a contract?
Posted by ave1024
The binder isn't worth the piece of paper it's written on.
It's like a purchase order. Nothing really legally binding.
The binder is signed to show you are serious about the offer. Only the actual contract is legally binding.
If you want the house, i'd sign it.
agreed...as a real estate agent I can't submit your offer with out it-
it really doesn't mean much legally- your offer can still be rejected and even if it's accepted it's still not "binding" to either party
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| Posted 3/6/10 7:36 AM |
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