Posted by Jim FL on August 19, 2003 at 24:09:22:
Be careful there, a recission period might apply, and it might not, depends on state laws.
I know specifically in Ca, there is a law on the books about pre-foreclosures and rules one must follow.
I also know a few states, where once a contract is signed and delivered, it is binding.
The original poster needs to check with a lawyer, and then take steps to protect themselves, or move on.
And your were right in the one post, if both sellers did not sign, there is no contract.
However, if both signed, it would be time to record the agreement, or some notice placing at least a cloud on title, while things are worked out…or not.
Did not mean to step on your toes, but I did not want someone else reading this to think, "Oh no, you mean after I have a contract signed, the sellers CAN back out?!?!?!"
Because that ain’t the case everywhere, all the time.