Once I put the binder offer in and they accept it, does that mean I can now market the property to my buyer’s list? I don’t want to overstep my bounds because we’ve got the “more formal contract signing” within ten days. But for a 30 day close, I’m looking to contact my buyers list asap. The binder offer has been accepted by the sellers.
Any thoughts?
Once the seller signs the binder, is that an acceptable time for me to market the property to my buyers list and with an ad in the paper. We have not ratified the “more formal contract”, but the seller’s realtor said they have accepted my offer…their attorney will send the contract to my attorney. Should I wait until the signing of the formal contract before marketing the property to prospective buyers?
Thanks,
Is it too early to market the property?
As far as I’ve heard there is a single form to be signed, then you have the right to purchase that property. What are the specific names of these two separate purchase forms you’re dealing with? Is this because of a state-specific rescission period maybe?
The first form is the binder to purchase, which basically sets forth the basics. The attorney then takes this and drafts the formal contract, which is sent to my attorney to review and for me to sign.
I believe after signing the binder I should be able to market the property, although we could each pull out before the final contract is completed and signed by both of us.
Thanks for your thoughts.
What state are you in? I know where I’m from once both seller / buyer sign on a purchase and sales about parcel, price, date, that contract is golden.
I’m in NY.
thanks for the info!