Contract Not Signed But Have Access to Property
I met with a seller yesterday to sign a purchase contract but he does not want to sign until closing. He verbally agreed to everything in the contract and gave me access to the property.
What are my options here?
- Can I show the property without a signed contract but verbal consent?
- Can I still draft an assignment contract and assign the property?
Most Popular Reply
Would be a huge red flag for me. I would try and figure out why he won't sign the contract (I assume he doesn't want you to "tie" up his property and then not be able to close) and try and put his mind at ease ASAP! Maybe offer 5k down in earnest money or something that is substantial enough for him to feel comfortable signing the contract.
You are not legally allowed to advertise the property if you do not have it under contract. I have in the past pocket shopped deals to my main buyers without it being under contract to see if they were interested, but I didn't disclose the address.
Besides that I do not see how you can assign or do a double closing without the contract from the seller. That is something the title company will need.