Faxed signed contract

Two documents were faxed to me in a business deal from out of my state. The first, which I have signed and faxed back to the Purchaser, is a purchase agreement specifying the order in which the agreement will proceed. The second document, which involves a Domain Registrar as a third party, has been signed and faxed back to the Purchaser, allowing the Registrar to act on the Purchasers request to transfer ownership to the Purchaser. This ownership has been transferred, without my compensation being settled in the time specified by the Purchase agreement. The purchase agreement is important, because it sets the time for transactions to happen, allowing partial payments to happen in between - so both parties are basically "getting half compensation" secured while the transaction takes place via FedEx. The Third party's speed of transfer has caused this vulnerability to exist. Do I have any recourse if this original purchase agreement defaults? or, with the Third party?

[Edited by bobc53 on 11-18-2000 at 03:06 AM]

Probably you would have to sue to have the transaction reversed, but the wording would be crucial -- if payment were a condition precedent to the transfer (it sounds like that) you'd likely win and the registrar may reverse it to avoid getting dragged in; if not, then all you have is a claim against the buyer for non-payment.

Thank you very much * ALawyer *!
The transaction did indeed finally go through, and I have learned important information on the legal validity of faxed contracts and agreements. And also, I am happy to report of one very ethical New York business who could have taken me to the cleaners "legally". Thank you!