Do You Always Need to Sign a Binder/Sales Agreement?

violet Posted: Aug 15, 2005 01:00 PM

Do You Always Need to Sign a Binder/Sales Agreement?

I am putting an offer on a house, and the realtor sent me a binder to sign, saying how much I'd put down, etc.

My attorney said to not sign it and that they always advise clients that. The seller's realtor said it's very common.

I don't know what's true. I do know I'm using an attorney from my job who actually deals with corporate real estate 95% of the time, so maybe that's the way it works in corporate real estate.

I just don't want to lose this house. Can someone advise me from their experience how it works?

LIWeddings Posted: Aug 15, 2005 01:20 PM

Re: Do You Always Need to Sign a Binder/Sales Agreement?

Many attorneys will advise that you go straight to contract. This is common!

violet Posted: Aug 15, 2005 01:22 PM

Re: Do You Always Need to Sign a Binder/Sales Agreement?

Yes, my realtor said she'd advise not to sign the binder that states how much we put down, how long we have for inspection, etc. and said to just tell them to send the contract ASAP instead.