Q: I am a real estate salesperson representing a purchaser contemplating buying a condominium unit in New York City. The purchaser is concerned about the lack of inventory in the marketplace and would like to submit offers on multiple properties. Can a purchaser make offers on multiple properties?
A: Yes, a purchaser may submit offers on multiple properties. There is no prohibition or law which prevents the purchaser from doing so.
Under New York State General Obligation Law (Section 5-703), a contract for the sale of real property must be in writing and must be signed by the purchaser and seller in order to bind the parties. Accordingly, the purchaser and seller of a property are not bound to the terms of an offer and acceptance until a contract of sale has been signed by both parties. At any time prior to signing the contract of sale for the property, either party may decide not to proceed with the transaction without incurring any obligation to the other party.
The Legal Line Question by:
Neil B. Garfinkel
REBNY Broker Counsel
Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP