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I recently (Jul 22nd) "bought" a house in Fishkill. It is a new construction and is being built by Toll brothers. We signed a contract but there are no seller's signature.
We are getting cold feet. We already have a house and dont want to buy this anymore.
Funny part is that the copy that I signed does not even have sellers signature. I don't think as per contract I can back out but my concern is that since I don't even have a copy where seller has signed , how can I even assume the transaction to be complete.
Also, I was hoping there would be some law in NY where buyer gets some grace period where he/she can decide to back out...Even WalMart has that policy...Any help would be greatly appreciated We are really loosing our sleep over this
Some states have the right of revocation, but it is typically only 3 days. If you don't have the sellers signatures on the documents, then you might not have a fully executed contract. You need mutual acknowledgment for that.
In Oregon this would be a no brainer and you would write a letter to the builder revoking your offer. In Oregon without seller signatures, you only have an offer and not a contract. Offers can be revoked out here.
You need to call an attorney and pay $300 or so to find out if you have an offer or a contract and find out if you can revoke.
Toll Brothers probably would not accept a contract contingent on an inspection of their new construction. They are very difficult to deal with. From what I've heard, they don't back down.
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