Regardless, I wouldn't trust anyone with a verbal contract for anything worth more than one cent. But I'm that type of person.
There's always someone who has a handshake deal that closes, but it wasn't the norm "back then," by any stretch of the imagination.
I have heard of such transactions also.
Sometimes it has to do with cash...and a quest for anonimity for the parties...
Yet, it's not something that we would want to get involved as realtors.
The old-fashioned handshake (although it sounds honorable) would be a cause for lots of trouble...
Beachfront Realty, Inc.
Janet M. Nation, CBR, Agent, Baldwin, NY
"I would trust a hand shake when buying or selling real estate anywhere on this planet."
I would however add, 'For as long as I can hold my breath. That is the time you have to present it in writing." Yep, I think I could do it with a strait face. On a good day that is about 100 seconds.
But unfortunately in today's very man-eating social environ and with the "Statute of Frauds" requirements as John so aptly pointed out those days are long gone. Add to that California's infamous "lawsuit-crazed mentality" those options are forever off the table.
Of course having said all the above I guess if you're a drug or arms dealer you could probably figure out a way to do it. LOL!
I on the other hand believe in a persons word and would stand behind both it and a hand shake come hell or high water......call me old school, it's OK!
I want to add a story.........not probably related, but reading about Jamie experience, i"d like to add it here.....:
My grandparents owned a little business in a little town. They knew every single one and all about everyone in that small community. I remember hearing : "That man's as good as his word," "if she says it, you can take it to the bank," etc.
I grew up with : "your word is your honor".
And I teach my kids that way.
RE contract must be in writing, but if someone promises something, they should honor that.
Don't promise if you are not going to do it!
I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors