Verbal Agreements

  • Remax-Condos-Plus
  • 16 September 2015

What you sign for is what you get

In a strong real estate market there can be situations with multiple offers and pressures for both parties to respond quickly. While verbal agreements can be binding to parties in most industries, they are not valid or legally binding in real estate. That means the seller can verbally agree to take the first offer, then when they receive a second, they can decide to accept that instead and sign it. That can lead to unhappy people who think they have a deal and then they have none.

The phrase, my word is my bond, does not apply to real estate, unfortunately. However, I try to conduct my business that way. I am also aware that the other side is not bound by that code in real estate. So govern yourself accordingly and remember in real estate, what you sign for is what you get.

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