Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.
The bank doesn't own the property. If they haven't foreclosed, they are just the mortgagees.
The question is, do you have all the elements of a binding contract. It isn't just signatures. What kind of a contract is it? If there's a realtor involved, maybe they can get a lawyer they work with just to look at it and advise you on that one point.