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Ruth, Home Buyer in New Jersey

Buying a house in NJ... verbal contract question

Asked by Ruth, New Jersey Mon Jan 14, 2008

I wanted to buy a house in NJ that was being sold for 95,000. We agreed through the realtor that we were gonna pay 93,500 for the house instead of 95,000. We started filling out the contract and everything, but the sellers then decided not to sign the contract because they decided for the price to go back up to 95,000. So my question is:

Is a verbal agreement as in this case a binding contract in NJ as it is in MD? and if not, is there anything that I can do?

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Answers

6
I know this is an old thread but if you still need any real estate help please call our office
(Keller Williams Cherry Hill) 856-321-1212 and ask for The Rifkin Team.

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1 vote Thank Flag Link Mon Apr 1, 2013
Verbal contract is worth the paper it is written on.

New Jersey requires a written offer and acceptance for a valid real estate contract ("statute of frauds"). Furthermore, the contract is not valid for 3 business days to allow both parties and opportunity for attorney review. During that time, either side can cancel the contract without penalty with an attorney's letter. After that time, it becomes a binding contract subject to specific performance (you can force the seller to sell or the buyer to buy).

Most states, including MD, require a written contract for the sale of real estate for a valid sale to exist.
0 votes Thank Flag Link Sat Aug 9, 2008
This question has already been answered but my answer is for the benefit of any potential buyer who may face the same situation. To be sure that what you are offering is being communicated properly PLACE ALL OFFERS IN WRITING. Request that the sellers response be given to you in writing signed by the seller. This eliminates alot of confusion. The problem with giving verbals is that what you actually say can be forgotten or intentially misrepresented. So when making an offer to purchase be sure that your request is always presented in written form. Retain a copy for your own records. And if you find that anything you agreed upon is not on the contract, if the sales price is different or the dates you agreed upon is different or some items that are supposed to be included is not simply DO NOT SIGN the contract. Be sure to have the necessary changes made prior to you signing. You can always have a contract reviewed by an attorney and I'm in no way discouraging the use of an attorney. But simply use good common sense. Do not sign anything that you do not agree with. And do not allow anyone to convince you otherwise.
0 votes Thank Flag Link Mon Apr 28, 2008
You need to consult a real estate attorney, they are the only ones that can give you the correct legal answer.
Good Luck.
Sharon Kozinn
Web Reference: http://www.sharonkozinn.com
0 votes Thank Flag Link Thu Apr 24, 2008
Verbal agreements are always binding… if both parties agree on what was said.

More than anything I would call what you had, or made, was a verbal offer. When the details were put in writing the two parties no longer agreed to the terms. And because in most states ALL real estate transactions must be in writing, it is just that more likely that you are not in a very strong legal position.

Please consult an attorney. I am not licensed to practice real estate or law in your area and my statement is nothing more than an opinion.
0 votes Thank Flag Link Mon Jan 14, 2008
I think that is mor a question for a lowyer, not a Real Estate agent. You should contact your lawyer for the correct in formation regarding that.
Good luck!
Sharon
0 votes Thank Flag Link Mon Jan 14, 2008
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