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Can a buyer change their mind after accepting an offer?

Can a buyer back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money.

Do you need a lawyer to sell a house in CT?

A real estate attorney is needed when selling a house in Connecticut to do the closing on the sale, as well as securing many documents as legally binding and safe. The seller should have the advice and guidance of an attorney with respect to a brokerage agreement.

Can a seller back out of a binder?

Is A Binder Binding? Despite its name, a binder is not a legally binding agreement. The seller can choose to sell to someone else for a higher price if they want, even if the binder is in effect. All the seller would have to do is surrender the deposit and they can sell outside of the binder.

Is an offer to purchase a house legally binding?

Article summary. An offer to purchase offer is a legally binding contract; once you sign it, you cannot easily change it. As a prospective buyer, you should make sure your finances are in order and obtain bond pre-approval before making an offer.

What is a binder in CT real estate?

A binder deposit, normally one percent of the purchase price, is tendered from the Buyer to the Seller. The offer to purchase is designed to hold the property from sale pending the preparation by Seller's counsel of a formal contract.

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