Question: I recently put an offer on a house and gave a $1,000 deposit. I signed all the contracts. I never received a signed copy from the owner because he was away on business. His agent overnighted him the contracts and two days later cashed my check and marked the house as "sale pending." The owner of the house is now saying he does not want to sell. Do I have a right to that house? The agent did refund my money, but I feel the owner signed the contracts and the house should be mine.
Answer: Entire libraries are devoted to the question of what is or is not a contract. In general terms, you need an offer (a bid to purchase), acceptance (an owner who says "great" and signs the offer) and consideration (such as a deposit).
A signed document is awfully good evidence that something was accepted, but based on your note you don't have any proof that the seller actually signed the offer.
Moreover, you did not sign a "contract." You did sign an "offer." To have a contract you would need the seller's signature and acceptance of all terms. Sellers are not required to accept offers, even full-price offers.
That the owner was "away" does not mean a signed agreement could not be sent overnight or electronically transmitted. All homes, prior to closing, can be described as pending sales -- the term "pending" meaning contingent, not-yet-accepted, not final, unfinished and unsettled.
Your deposit has been promptly returned -- that's good news and a credit to the broker.
The question to ask is this: If you really want the property would it make sense to submit another offer? Maybe the first offer can be modified to gain acceptance from the owner.
