Contract Obligations

[Anonymous]

Hi!  How long does a seller have to rescind his acceptance of an offer? Basically a contract has been signed, but now the seller is rescinding their acceptance of the offer because of a  higher offer.  Additionally, this is what's considered a corporate sale.  Meaning the seller is being relocated and the company will make up the difference in any losses on the home sale.  My realtor claims that the contract has not been signed by the seller.   Realtor also stated that the seller had signed over title to the relocation company.  The document that we have has the seller's signature as an individual - not company.  

Does the buyer have any rights here?

[Anonymous]

A few questions.

The document that you have signed by the seller is what?

How has the seller "accepted" the offer? Verbally, or written?

If the seller assigned his interest in the property to the relocation company, when did that happen? Before or after they "accepted" your offer.  Did the seller note, or does the contract have a clause in it regarding assignment? Typically the assingment of his interest;if it happened after he accepted your offer in writing, would have no effect on your right to purchase under the terms of that contract.

Is there a "bump clause" in your contract that allows the seller to continue to market and take offers on the home? Usually if they accept another offer, the buyer has a certain number of days to remove any contingencies on their offer, or the seller can take the other offer, thus "bumping" you out of first position to purchase.

Real estate law varies state by state. You may want to talk to your realtors Broker if you feel your realtor is not getting you sufficient answers.