This is Part III of the three part article “7 Questions to Ask your Staten Island Real Estate Attorney Before You Sign a Binder to Buy a Home”:

6)    CAN I MAKE SURE MY OFFER IS PRESENTED TO SELLER? – YES
(Unless the house has an accepted offer and your offer is being put in as a back up offer).  In most cases there are 2 brokers involved in the deal with the owner listing the house with the Listing Broker and the buyer seeing the house with the Selling Broker.  While they both get paid by the seller the Selling Broker normally must go through the Listing Broker to communicate with the seller.  Usually a signed binder is given by the selling broker to the listing broker to give to the seller.  A buyer can ask that her offer be presented directly to the seller by way of a three way call through the Staten Island Board of Realtors.  An independent agent will join a three way call between the selling broker and seller to verify that the offer is presented.

7)  IF I CHANGE MY MOND CAN I GET MY MONEY BACK? – YES

By putting SUBJECT TO ATTORNEY REVIEW on the binder a buyer can cancel the binder at any time up till the contract is signed by the seller.  Having your lawyer is your best protection.  He will go over the binder, engineer’s report, discuss the contract terms, mortgage process and closing costs with you before you sign the contract and put your down payment at risk.  It is best to call your attorney before starting the buying process so he can give you some tips on what to expect and he will be prepared to review your binder to protect you.