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i put an offer in on a condo which was excepted. The sellers are in Florida and we (in NJ) received the signed contract this evening. My Agent sent it to the Lawyer for Attorney Review starting tomorrow. At what point do offers stop or can't be considered by other buyers or the seller, after Attorney's Review, which could be 3 business days?
As soon as the contract is signed by both buyer and seller it should be considered "under contract". But the seller can put a clause for back up offers. ( maybe this depends by state not sure) This is IMO usually done if the seller thinks the buyer is not strong enough and wants to have other buyers lined up if the sale falls through or they want to place pressure on the buyer to perform.
I'm not familiar with NJ, but my understanding, at least in some cases, is that it isn't considered a binding contract until it passes Attorney Review. Maybe someone from NJ can weigh in.
You mentioned that the sellers are in Florida. I don't know why you would bring that up unless the property is located in Florida. If it is in Florida, we don't have an attorney review period here as New Jersey does. If the property is in NJ, ask your agent.
You mentioned that the sellers are in Florida. I don't know why you would bring that up unless the property is located in Florida. If it is in Florida, we don't have an attorney review period here as New Jersey does. If the property is in NJ, ask your agent.
I just mentioned about them being in FL because they are not local and are seniors, so timing is a factor. Also that's why we have a forum, to ask questions bbronston.
I just mentioned about them being in FL because they are not local and are seniors, so timing is a factor. Also that's why we have a forum, to ask questions bbronston.
OK, OK...clearly you read into my message more than was intended. I know that's why we have a forum and answering questions is one of the reasons I'm here so relax...no snarkyness was intended.
Getting back to your question, ask your agent to explain the MLS rules to you and ask him/her to let you know when the listing status changes. I'm not sure if the seller can keep taking offers in NJ but I would assume they can as a hedge against a buyer's attorney messing up the original deal, so to speak. Use your agent for these types of questions. That is what we are there for.
I just mentioned about them being in FL because they are not local and are seniors, so timing is a factor. Also that's why we have a forum, to ask questions bbronston.
ask your Realtor. they'll know the answer.
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