• It's usually legal to be asked to sign it and it's legally binding but that might depend on the state in which the transaction takes place. However, I wouldn't sign one unless I had the place thoroughly inspected and the seller agreed to subtract all estimated (if any) repair or improvement and inspection costs from the asking or previously agreed on price.
  • It is legal to ask you, you don't have to buy the house. Most of the time when I've seen this, the house is either a foreclosure, corporate sale or short sale.

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