What is an "acceptable offer" and when does it become binding?

In New York, an offer is not binding until both parties sign and deliver the formal contract.

An acceptable offer is an offer that the seller has agreed to in principle — but in New York State, a critical legal distinction applies: the agreement is not binding on either party until both the buyer and seller have signed the formal purchase contract and it has been physically delivered back to the buyer's attorney. This is different from many other states, where a signed offer sheet alone can create a binding agreement. Until that contract exchange occurs, either party can walk away without legal consequence.

This nuance is especially important in the competitive Western Catskills market, where properties in Delaware, Ulster, Greene, and Otsego counties have attracted strong interest from buyers relocating from New York City and other metro areas. It is not uncommon for sellers to continue showing a property and entertaining other offers even after verbally accepting one. Buyers should work closely with their attorney to move the contract process forward as quickly as possible once an offer is accepted.