Legal Question in Real Estate Law in New York

real estate transaction/buyer

what does putting a binder on a piece of real estate commit the buyer to and what legal obligation does it place the buyer under


Asked on 2/20/02, 8:50 pm

1 Answer from Attorneys
Dan Blumenthal Berkman Henoch Peterson & Peddy

Re: real estate transaction/buyer

THe short answer is virtually nothing. A binder is simply a show of good faith ("I'm willing to show you some money")and nothing is binding until a contract is signed. Having said that, a binder agreement has been construed as a contract, even when scribbled on a napkin, when it is determined to be sufficiently definite as to price and terms.

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Answered on 2/21/02, 8:39 am


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