Is it legal for a realtor to show buyers homes while they are under contract to buy another home?
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Is it legal for a realtor to show buyers homes while they are under contract to buy another home?
Our house was under contract to be sold and our buyers realtor took them to look at some homes last weekend. They ended up finding a home that they liked better for less money and now want to back out of our contract. We were supposed to close today but their attorney called our attorney and verbally told him that the buyers were terminating the contract.
Asked on February 24, 2012 under Real Estate Law, New York
Answers:
Joseph Gasparrini
Answered 12 years ago | Contributor
It is legal for your buyer's broker to show them other homes during the period after they signed a contract to purchase your home. You state that they indicated they intend to buy another home and to terminate the contract that they signed for the purchase of your home. They certainly have the right to buy another home. But, to address your concern, the key question that arises is: on what grounds are they stating they have the right to terminate the contract. It is important for you to have a qualified real estate attorney review the contract to determine whether your buyer has the right to terminate the contract. If they do not have the right to do so, they may forfeit their downpayment.
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