New York doesn’t have one, uniform system for real estate offers. In the HudsonValley, some areas use what they call “binders.” They’re technically not contracts.
In parts of the Catskills and other parts of the state, an accepted offer is a contract, but it has contingencies for inspections, tests, mortgage approvals and even attorney approval.
In Delaware County, we even have at least three versions of a contract - one from the MLS, one from county attorneys, and a third from the NYS Association of Realtors.
Confusing? You bet.
But some things, in general, are the same.
After a seller accepts an offer, the buyer has a limited time, spelled out in the agreement, to do inspections, apply for a mortgage, and get attorney approval.
Meanwhile, the seller can still show the property and accept backup offers.
MLS rules require the status change from “active” to “contingent” once an offer is accepted. After all contingents have been met, the status is changed to “in contract.”
And the next step is a closing.