Once a home is under contract, the seller is legally bound to the agreement. The primary offer stage allows sellers to negotiate terms with multiple buyers until the contract is fully executed. The under contract stage locks the primary buyer in, contingent on specific conditions. Backup offers can be accepted, remaining valid if the primary deal collapses. Breaching a signed contract can lead to lawsuits and financial penalties, emphasizing the importance of upholding terms.
Once both parties have signed a legally binding purchase agreement, the seller is obligated to uphold its terms.
Once under contract, the primary buyer is locked in unless contingencies fail, including financing or inspection results.
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