Basic Resale Questions

[palaemon]

Let's say, we find a contract that we want to put an offer on.

What do we need to do/have?

Let's say I call TSS. Do I have to put $$ down? (like good faith $$)

If so, what happens if it is not accepted, and I want to move on?

What happens, if it is accepted, but 2 months later, the seller still hasn't "finished" with what ever needs to be finished (ie they can't close because they owe $$ for dues or mortgage?) Can I back out and get my $$ back? Or am I committed since the seller & I both signed?

Okay, now say everything's a go. We signed, they signed, we pass ROFR, and we close. At what point do we pay the $$ or the balance of the $$.

 

[KAT4DISNEY]

You won't be asked for a deposit until the offer has been accepted. At the time you sign and return the agreement you will need to send a deposit that will be held in an escrow account. From the date you sign you will have 10 days to recind your offer.

If the seller fails to perform on the contract then you should be able to get your money back and although that can happen it's the exception and not the rule.

You will need to send the final payment at the time you return your closing contracts. That will be after ROFR - probably within a week or so of passing ROFR if the title company is not behind.