Real Estate Lawyer Question: Download Real Estate Lawyer PDF
Tell me does a seller have the right to interview people making an offer on his apartment, including questions about income, finances and credit history, before accepting or rejecting an offer?
Answer:
There is no restriction on a seller conducting an in-depth interview of a prospective purchaser. Most often, though, and more desirable, would be for the seller’s broker to ascertain the income, employment, financial, family and other important information regarding the buyer’s qualifications and background. While such an interview is not typical, it may be justified considering the time and expense involved in hiring a lawyer, negotiating a contract and the potential adverse change in market value should the sale be lost because of board rejection or financing contingency.