Below is a Q&A handled by the Texas Association of REALTORS. It's a great question that comes up often, especially in a frenzied market, such as where we are now, where real estate agents, buyers and sellers are trying to work quickly in order to secure their position in a real estate transaction. It really doesn't matter which side of the transaction you are on, or what your role is, the answer, is to get it in writing. Fortunately, technology has advanced so much that agents, buyers and sellers can sign electronically from anywhere there is an internet connection. With the vast network of the internet and cellular service, we hardly have an excuse to not have something signed or in writing. But sometimes priorities get out of order, people get relaxed (or just lazy) and what someone *thought*, ends up not being correct. I don't think there is anything wrong with working out the details verbally, as long as everyone knows that it's verbal and won't stick until put in writing. Question: My seller received a written offer to purchase his property. Instead of countering the offer in writing, the parties engaged in verbal negotiations that resulted in a verbal agreement on new terms. Before the buyer’s broker submitted an updated offer with those terms included, my seller received a written offer from another potential buyer that he chose to accept. Now, the first buyer is threatening to sue my client for breach of contract because of their verbal agreement. Is the verbal agreement enforceable? Answer: No. A verbal agreement must be reduced in writing and signed by the buyer and seller to become valid. Since a contract was never created, nor signed, there is nothing for the buyer to enforce. While verbal negotiations of contracts can be a quicker way to reach an agreement, verbal agreements are not enforceable for the sale of real property.
Author:Matt Watson Phone: 214-417-9171 Dated: October 28th 2014 Views: 636 About Matt: ...
View our latest blog posts in your RSS reader. Click here to access.
You're excited about your next big move: You want to buy, build or sell a home in central Dallas, the urban heart of high-style Texas living. But you don't want to fight with paperwork or negotiate details. You just want a real estate agent who can.
I'm Matt Watson. I've worked with young professionals looking for upscale, uptown residences as well as empty-nesters looking to scale down and kick back. I've sold condos, townhouses, lofts, high-rises and homes (historic and otherwise) all over Dallas. And I know how to make your real estate purchase or sale easy and hassle-free.
If you're buying a home, I will:
Help you find a residence that matches your lifestyle.
Give you instant access to the Dallas Multiple Listing Service.
Help you find financing that works.
If you're building a home, I will:
Help you locate the right building site.
Help you select the home style, size and amenities that fit your neighborhood.
Help you select a qualified builder and coordinate construction.
If you're selling a home, I will:
Price your property based on market conditions and your personal goals.
Help you enhance your home's market appeal.
Market your property to the right buyer, not just any buyer.
And whether you're buying a home or selling a home, I will:
Always be your advocate and work in your best interest.
Always give you the facts you need to make the right decisions.
Always negotiate the details and handle the paperwork.
It's that simple. Welcome to the Matt Watson way of doing business.
The #1 Reason to Put Your House on The Market TODAY!The National
"Great experience with Matt. He helped me find the home that was the best value for me, and never once did I feel like he was pushing me into a decision. Great knowledge of the Dallas area and very insightful. Have already recommended him to others."