Legal Question in Real Estate Law in New York
sale of property
Two people are interested in property i have for sale. Is it ok for my lawer to send out two contracts to the interested parties and just sign the one that comes back first and return the other?
2 Answers from Attorneys
Re: sale of property
It is probably okay legally. It may not sit well with the other buyer and/or real estate agent.
Re: sale of property
It is not good practice to send two Contracts of Sale simultaneously.
If they both are returned on the same day, then it will pose a problem as to which was signed first. In addition, if you signed a sales agreement with a Realtor, the realty company may try to pursue legal action toward you to recoup their lost commission.
I would recommend that you send one Contract and have your attorney state in his/her cover letter that if the Contracts are not signed and returned by XXX date, it is considered null and void. You may then entertain the other offer.
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