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Old 05-20-2019, 02:11 PM
doreen is offline
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Join Date: Dec 1999
Location: Woodhaven,Queens, NY
Posts: 6,356
Quote:
Originally Posted by SmellMyWort View Post
That seems like a recipe for disaster. IME the forms are all transmitted and signed electronically. Not sure why anyone would need a couple of days to take care of the paperwork.
That WB-11 Residential Offer to Purchase apparently becomes a binding contract when it's signed. In my area, it's standard for the buyer, seller and the mortgage company or bank to each have their own lawyer, and I'm not signing a contract without my lawyer reviewing it. So let's say I see the house Monday afternoon and call the agent /broker with an offer Monday evening. I might want an reply to my offer by Tuesday evening, but I am certainly not expecting a binding contract to be prepared and signed by Tuesday evening - and even if the sellers electronically sent me a signed contract Tuesday evening , there's no way my lawyer is reviewing it Tuesday evening. ( Some states allow X days after signing before the contract becomes binding to allow for attorney review- as far as I know, any review in my state must occur before signing)


The binder I signed when I bought my house was not nearly as detailed as that WB 11 and was certainly not an actual binding contract. I believe it only remained in effect for a maximum of 10 days, long enough to draw up the contract , and arrange for attorney review and signing. That I think we signed the day after the offer was accepted.