Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
NY does things quite a bit different from the rest of the country. I have a friend who bought a house in Scarsdale a few years ago and the seller had originally accepted another offer but then they swooped in and offered more during the inspection period. So, if the seller can renege then I imagine the buyer could back out as well. I can't imagine if there is no contract in place that either party has any obligation to the other. Hopefully, someone from NY will chime in soon though.
Location: Danbury CT covering all of Fairfield County
2,637 posts, read 7,426,122 times
Reputation: 1378
I'm very to close to NY but if you say in writing to your agent that you are not interested in going forward with the propert, they will pass on the message to have the sellers agent. I won't see the radon for an attorney up front now.
I'm an agent in NY and yep, that's exactly how it goes down here: parties come to agreement, details get forwarded to the attorneys, inspections occur during this period, and if everything is finalized you sign the contract and provide your earnest money deposit. Kinda weird I guess but the advantage is that you don't have post-contract negotiating ploys like you do in the rest of the country.
So yes, you can back out of the agreement prior to contracts being signed; has actually been a common occurrence in NYC the last few years with the tight market here with plenty of bidding wars.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.