“An oral contract is not worth the paper on which it is written” (Samuel Goldwyn) A: As with any type of business, there are good and bad people. ALWAYS you will receive your contracts in writing. Especially in real estate. I have never worked with anyone on an oral agreement. Although in some states an oral agreement is legal is not always binding and there is room for “he said he said” If you don`t want to work with a broker because you “don`t trust” then get a good real estate lawyer. Brokers who are members of the NAR have a code of ethics to which they must comply. Musts are ethical. If the sellers received a better written offer and your offer was verbal and was not opened, they have every right to accept another offer, regardless of whether a broker was involved. Get the representation is what I say, that way you are covered! Rosanne Nitti is a real estate agent® at RMN Investments – Realty Services in Laguna Beach, CA. The lesson to be learned is to write everything down. If you want, as a buyer, certain items to be transported by the house – such as the washing machine, curtains, or even the lawnmower – make sure that these items are specifically listed in the sales contract. And vice versa, if you want to take some devices as a seller, write it down. In Matchmove Ltd v.
Dowding and Church, an argument broke out between two former friends who had initially agreed on the sale of a building plot and a meadow. It is important to keep in mind that oral agreements for the sale of real estate are not legally binding. To be legally enforceable, a contract to purchase real estate must be written, the buyer and seller have given their consent and signature in writing. Buying a house, then discovering that the real estate agent who sold it to you, not only moved his whole family to the site, but refuses to move because he claims that there is an oral agreement, will put things at a brake. A: I am not a lawyer; However, as a general rule, contracts to buy and sell real estate must be signed in writing and by the buyer and seller. Oral agreements are generally not applicable. If you have a remedy, it would most likely be against the seller. The broker, who “cut the sale and the agreement,” simply worked on behalf of his client/ client. Your realtor, if you work with one, should have done the same for you. This is a body that makes a good argument in favor of hiring a broker to protect your interests.
If you feel you have been damaged in this transaction, you should talk to a real estate lawyer to discuss your options. Phil Lunnon is a real estate agent® with Lunnon Realty in Lakewood, CO.