seller wants to back out of home sale...

[scott1ct]

So far all that has been signed is an offer to purchase which clearly states "this is not a contract" I don't believe this to be a legal contract based on that statement so that means either party has the right to back out before an actual contract is signed. Is this correct?
My attorney advised me that I could still accept other offers and the gentlemanly thing to do is to reimburse for any inspection/appraisal done to date. I offered to do this and also gave them a chance to match price but instead they threaten to sue(them, not an attorney). I am curious if they have any merit but my attorney told me "no" on 2 separate occasions. However, my realtor doesn't want me to sign anything with a new seller until this is resolved which could mean i lose this seller.
Should I be worried about a lawsuit?
Should I risk waiting on binding with the higher buyer or tell my realtor to submit the signed documents?

I live in CT.

Thank you

scott

 

[BradleyS]

Until both parties have agreed to all terms and have a "meeting of the minds" there can be no "Contract."

Contracts are in writing, signed by both parties with no "counter-offers."

Here is a good formula for Offers, Counter Offers, and Contracts

Offer + Acceptance = Contract

Offer + Counter Offer = Counter Offer

Offer + No Acceptance = Offer

Counter Offer + Counter Offer = Counter Offer

Counter Offer + Acceptance = Contract

Offer + Rejection = DOA - Offer not Acceptable

Should I be worried about a lawsuit?

Always....especially in multiple offer situations

Should I risk waiting on binding with the higher buyer or tell my realtor to submit the signed documents?

If you signed an offer and gave it to the REALTOR, depending on the Agency Agreement, you might have "conveyed" or "notified" the buyer automatically. Or, if your Agent notifed the buyer or buyer's agent of the acceptance, even without delivery, then you could have problems.

As a seller, you want the most $$$ possible. But if it cost you $$$$$ in legal fees, court cost, and damages........you may want execute the initial agreement.

 

[scott1ct]

Thank you for the advice. But one thing I am not clear on is the:

>>Offer + Acceptance = Contract

this is quite a dicy statement. So what you are implying is that even a document stating "THIS IS NOT A CONTRACT" can be taken as a contract??


This may be something different in my state that is not in yours in terms of binders.

"In some states, binder forms are used. Binder forms differ from offer-to-purchase forms and purchase agreement forms. Regardless of which form or method of submitting an offer is used, a buyer should always read the form and/or ask their agent if the form or binder used is actually a contract. If not, the seller may not be bound to sell the property even if the seller executes a binder. As a buyer, it is in your best interest to have an attorney review any purchase contract that you do not understand."
2002-2003 PropEx - All Rights Reserved Propex Services, LLC

 

[BradleyS]

I have read a few post about "binders".......need to educate myself on this......

So depending on your state......

Offer + Acceptance + Binder = Contract

Would this be correct??

 

[HomeGuru]

I have read a few post about "binders".......need to educate myself on this......

So depending on your state......

Offer + Acceptance + Binder = Contract

Would this be correct??

**A: Oh, brother.............