Mar 24, 2022
Imagine this… you are the buyer, you fall in love with an apartment, make a bid, have it accepted but then you experience something called the slow down as the contract doesn’t go out quickly and the other side is as slow as molasses. On the flip side, you are the seller and you have a contract out but the buy-side is slow as molasses and they should have signed and completed their due diligence by now but nobody is signing or moving forward and you are in limbo. What is going on? Today we are talking about how in NYC multiple contracts are allowed to be sent out which means until you sign and give over a deposit it’s anyone’s game. But is it kosher to do this?
Sometimes both a buyer and seller find themselves in this awkward place on how to move a contract forward. Sending out two contracts (to hedge a seller’s bet) may not be illegal but many think it is unethical, it can also be a dangerous move. Sometimes it is in the seller’s interest to originate a contract with another buyer but you really need to finesse this properly or you could end with all buyers walking away.
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