Is a signed offer on a home purchase that has been excepted legally binding?

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Is a signed offer on a home purchase that has been excepted legally binding?

Is it a contract? I have changed my mind due to school zoning.

Asked on January 10, 2012 under Real Estate Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

A signed offer on a home is legally binding if the seller accepts the offer; the seller's acceptance of the signed offer creates a binding contract. If the seller either rejects the offer or even counteroffers, then it is not binding--a counteroffer functions as a rejection of the current offer and the extention of a new offer from the seller to you.


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