Offer to Purchase a binding contract?

[GettingFreakedOut]

Massachusetts

We made an offer on a house, the seller accepted and we signed an offer to purchase contract. We haven't signed the P&S yet. The deadline for that is on Friday and she hasn't even gotten it to her lawyer yet. Ours has already looked at it and made appropriate changes/adiitions. She seems to be having cold feet and doesn't think she wants to sell any more.

Is the Offer to Purchase a binding contract that will hold up in court if we decide to sue in order to get a Specific Performance order from the court? Or is it no good since she hasn't singed the P&S yet?

(I haven't asked our lawyer about it because she wants us to dump the whole deal and I don't think she'll work with us on this. We REALLY want this house.)

Thanks!

 

[HomeGuru]

Explain the difference between OP and P/S.

 

[GettingFreakedOut]

Well, the Offer to Purchase contract (I think that's it's official name, although I don't have it with me), contains our intent to purchase the house for a specific amount. It also lists the amount of the deposit and a closing date.

The P&S seems to contain more specifics about the sale; what's included with the house, info on tenants' leases, condition of the house at closing, and all of that.

The contract we signed was very specific about prices and closing dates, it was given to us by the realtor when we made the offer. After we signed it, she sent it off to the seller to sign. Once the seller accepted our offer, we got the P&S and sent it to our lawyer to look over.

 

[GettingFreakedOut]

Never mind, I just found the answer at another website about Real Estate law. It states that the Supreme Judicial Court of Massachusetts has held that an Offer to Purchase is a legally binding document that may be enforced, in some cases, whether or not a Purchase and Sale Agreement is ever signed by the parties.

Thanks anyhoo.