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Can a real estate seller backtrack after accepting an offer?

Selling a property can be exciting; however, accepting an offer also comes with risks. What if a higher offer comes in after the contract has been signed? Here is what Georgia sellers should know when it comes to finalizing contracts and their obligations after accepting an offer.

When is a contract binding on the seller?

Like any contract, the terms of the agreement should be clearly laid out in the terms. Some contracts may have “outs” that will allow a seller to accept a higher offer. Others will be binding regardless of other offers that come along.

Sellers who believe they might receive a higher offer, but do not necessarily want to lose the one in front of them, may be able to add this to their contract. The contracts signed by both buyer and seller are legally binding. Therefore, any caveat to allow for the acceptance of a higher offer needs to be specified before each party signs.

Attorney review could be key in buying time

Both buyer and seller often find it beneficial to have a contract reviewed by a lawyer before signing the dotted line. One added benefit for sellers here is that it may add a day or two to the process prior to signing. This will provide for additional time should another offer come in.

Legally, until the contract is signed, either party can back out. Georgia sellers should be aware that however much this might be a concern, it is sellers rather than buyers who most often back out of an initial offer. When facing a contract dispute on either side, the best option for both parties is work with an experienced real estate lawyer.

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