Can the seller accept another offer while negotiating a contract with a first buyer?
In a real estate transaction, it is generally legal for a seller to accept another offer while negotiating a contract with a first buyer. However, the terms of the original contract, as well as any state laws and regulations, will determine whether the seller is allowed to do so and under what conditions.
Typically, a seller will include contingencies in the original contract such as a “home sale contingency”, that allow them to accept another offer if the first buyer’s sale falls through.
In some instances, the original contract may include an “exclusivity clause” which prevents the seller from entertaining offers from other buyers during a certain period of time. If the seller violates this clause, the first buyer may have grounds to terminate the contract.
It’s important for both buyers and sellers to be aware of their rights and obligations under the contract and to consult with legal representation if they have any questions or concerns.
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