Expert: Hans Weber, Licensed Broker Associate - 11/27/2006

Question
someone offered me $80,000,00 for my house and is waiting for me to tell them yes or no....i know my next move should be to contact a lawyer....but do i have them sign the basic contract "first" to make sure i have it in writing before i lose the sale...what should i do next....

Answer
Dear Mike,

Thank you for your question.

This would depend on the local custom.  In some states the Realtor will prepare a contract with the buyer and present it to the seller for acceptance.  If accepted you are in contract pending attorney review.

Where I am in Westchester County, New York, Realtors do not prepare contracts.  After an offer is accepted, sometimes verbally or sometimes in writing we proceed to a home inspection.  After a satisfactory inspection contracts are ordered and prepared buy the seller's attorney and sent to the buyer's attorney for review and signature.

Hope this helps you.

Hans