Purchase timeline

Usually the buyer signs first, once the buyer agrees to the contract that seller's lawyer drafts.

It can be almost immediate - as in the seller sends it to buyer's lawyer and says, I'll give you X days to sign. These days, if there is no urgency, it could take weeks, pending inspection, due diligence, etc.

Thanks....Can the seller go around looking for better deals after the agreement has been made but before the formal contract is signed?

1)Sellers accepts offer
2)Seller's broker puts together a terms of agreement sheet (1 or 2 business days). Faxed signatures ok.
3)Seller's attorney then sends contract to your attorney (It's important to have a timeline on this so seller doesn't shop for a higher price using you as an insurance policy)
Should be within 5 business days, 10 business days if in August (vacations)
4)You sign first and your attorney sends together with your deposit check/payment. (Until the seller deposits your down payment , YOU ARE NOT IN CONTRACT) This needs to be given a time limit as well, 5 business days.
5)You do your due dilligence, inpections, etc. and come up with an exact closing date.

"Thanks....Can the seller go around looking for better deals after the agreement has been made but before the formal contract is signed?"

YES

heatanz: absolutely. In fact, as a seller, I once did the same. I gave the buyer 3 days to sign in a hot market, on the 4th day, I sent out a contract to a 2nd buyer.

Truthskr: I've never had the 2nd step. Absolutely true about the deposit - unless it's been cashed, no contract. Step (5) can be before you sign. For example, you can ask for co-op financial statements at the same time you are given the contract to sign. And you can inspect before the contract is signed in a townhouse-type of building. You run the risk of the seller shopping the offer before the contract is signed (happened to me once) but it's worth IMO, to get an inspection BEFORE you sign the contract.

It may seem like I'm talking out 2 sides of my mouth.

As a seller, I put the big push out for the buyer to sign ASAP. I don't put weird stuff in the contract, straightforward, if there are minor things, like drapes or whatever the buyer wants, I amend right away. I also make sure if there are backup offers, that I give strict time limit to buyer 1. If I don't hear back, I'm not going to pester 'em over much, I'll just have a 2nd contract out to backup offer.

As a buyer, my push is to get things inspected (financials, physical plant, whatever) BEFORE I sign. I don't care if I'm out a few thousand if the seller shops the offer around because I have no leverage once I sign that contract.

On step 2, yes come to think of it, that's more on commercial deals.
It's something to do so when the lawyers start righting their book of a contract (or start carving it up) there is a base of agreement.
Example: NO mortgage contingency, closing within 90 days, etc.
I guess there is is less to address with residential.

5 is more dicey but good lawyers put good language in. For example, seller says there are absolutely no engineering issues. Buyer's attorney puts in, any structural defects over $3000 dollars comes off the sales price. If seller is truthful, will have no problem. Conversely, Sellers attorney may want to counter with an upper threshold, and say seller has right to refuse to sell if engineering defects are over $20,000.

Ultimately, you want a good lawyer period.

writing NOT righting! lol

i once sold a coop to a second buyer for LESS money than the 1st who was being an idiot about everything possible--i could tell it would be a nightmare to close with the guy the 5k i left on the table was a bargain--2nd buyer was reasonable couple who have lived ther happily ever after---first buyer went completely nuts when i pulled the contract--he thought he had the upper hand, acted like an ahole, and got froze out--fun and hilarious--my lawyer and i were in tears reading this guy's letters

You did the right thing, Wbottom. He would have yanked your chain from signing of K to closing. As far as residential is concerned, lawyers typically do not draft from scratch, and for apts and even THs (in NYC), there is rarely mention of "engineering issues" or warranties of any kind. Usually, it's as is. I certainly would not put in any language about engineering issues or guarantee of condition as a seller. I'd rather take a lower price right off the bat.

"and for apts and even THs (in NYC)"

I'll concede for apts, not for THs and certainly not for regular houses.

truth: with all due respect, that's how it is for multi-family THs at least on the UWS and Bk. I'm not talking about small apt buildings.

Maybe if you're buying an 8-figure TH that has been recently gutted.

Really?
That's because your spending on engineer's ahead of time before the contract.
What can I say, you've been LUCKY, or not frequent enough.