verbal contract real estate
buyer made offer 92,000 seller rejected. Buyer tells agent it isn't that we might not offer 100,000 agent tells seller agent would they accept 100,000 ? listing agent says they will talk to owner and try to talk them into 100,000 owner says they will and selling agent comes back with they accept 100,000 write a contract ,buyers agent tells buyer they will accept 100,000 buyer says he will have to talk to other investor first. Is this a breach of contract or no contract at all . No time frame was mentioned on either side.
Re: verbal contract real estate
Dear Real Estater: In Ohio, all contracts for the purchase and sale of real property ("real estate")must be in writing and signed by all parties. This requirement is in order to avoid illegality or invalidity of oral contracts because of the Statute of Frauds.
In other words, your oral negotiations aren't worth the paper they're not written on!
Good luck; next time, get it in writing and signed!
Sincerely,
J. Norman Stark, Cleveland, Ohio
