You had a verbal understanding and it can also be considered to be a contract. It just is not enforcable in my opinion. That is an opinion.
Debbie Albert, PA
Keller Williams of the Treasure Coast
Given I am not an attorney, I can not provide legal advise, but merely respond based on the years of experience in the real estate and mortgage banking business. What you have indicated if I understand correctly is that as the seller, you responded to an offer from a buyer and countered that offer with some changes to the initial offer. This was then communicated to the buyer and the buyer's agent indicated verbally that the buyer had accepted. The buyer's should have been in possession of your counter offer and had the buyer initial in the areas where you made changes to their initial offer. Only when all terms and conditions have been agreed upon, (any changes to the offer/counteroffer must be initialled by all parties) do you have an effective contract.
What you do not indicate here is whether the buyer is looking to walk away from this transaction? If they are still moving forward with the transaction, you and the buyer need to initial all areas that were changed and proceed to a sucessful closing. If the buyer did not initial the changes to your counter offer, then you do not have an enforcable contract, and they would have the ability to walk away. Clearly the realtors involved failed to ensure that buyer and seller initialled and/or signed the contract correctly. This will be something you will wish to discuss in great detail with your listing agent to ensure that any future offers (assuming you will be starting with a new buyer) be handled properly. Good luck with the sale of your home. If you should have any additional questions, please feel free to contact me.
RE/MAX Advance Realty
This is not intended to be legal advice but is presented as an personal opinion based on your information provided.
Simple stated, absent the signatures of all parties and delivery of the document, there is no executed contract. Verbal agreements are not enforceable and are generally not a legal commitment.
NOTE: Unless a Realtor is involved in transaction no professional can render an opinion to many unknowns that require answers. OR confer with an attorney
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Even a minimally experienced Realtor should know how crucial it is to get everything in writing to prevent a buyer from "changing his mind" or the case of a Seller, having a higher offer come in "after" the verbal offer was accepted.
I hope you were the "innocent" party in this unfortunate series of events.
All the best,
So put your house back to "active" status on the MLS if you do not have a "signed" contract. That action alone may motivate the buyer to "put it in writing" if they still want to buy your property.
PS If you're selling via Short Sale then the standard contract addendum has an easy escape clause for the buyer anyway.
Here is an example: Florida contracts contain a clause that provides for the seller to deliver condo docs to the buyer within 3 days of the fully executed contract, and for the buyer to have three days to review, during which time the buyer can cancel the contract if something in the condo docs gives them pause. Suppose the seller does NOT deliver the condo docs in time. Let's say they deliver them 3 weeks late. The buyer never asks for them. The seller finally gives them to the buyer, and the buyer says "I am going to cancel." When asked why, they buyer says "because I have 3 days from when you deliver the docs to me." WWJD.... if there is nothing in the docs that would affect the buyer - nothing that caused concern or impacted the value of the condo, it is unlikely that the buyer woudl be able to use the three day rule to cancel, as they did not attempt to
enforce the provision of the contract in the first place.
Ultimately, if the buyer is trying to get out of the contract, you may have to sue for performance, and it may not be worth the effort. If the buyer's deposit is being held by the Realtor, you may be able to make your case before FREC in an escrow dispute, but your Realtor would be the one to discuss that with. You did use a Realtor, right???
if an offer is not signed by buyer is not an offer.
If the offer is signed by buyer and seller is a contract.
If there is a counter offer from seller (still an offer and you have 48 hrs to response the counter offer)
At the time the buyer present the offer there is a period of time you should put in the blank space, if there is not a date or specifict amount of days, they can go back to you after few months and response your offer.
Fi after months they have missing signatures and one of the parties wants to walk away is free to do so, Since you are right there is not contract.
But you should contact your lawyer and find out a legal advise prior to continue the dispute.