Are verbal agreements on real estate purchase and sale contracts legally binding
No. An agreement to purchase real estate has several requirements, including being in writing.
The answer above is only a general statement of the law and not intended as legal advice. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific legal advice. It is not meant to create an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
Contracts dealing with the acquisition and disposition of real estate is one area of contract law that is governed by the statute of frauds, which means a real estate contract must be memorialized in writing, and signed by the party to be bound in order to be legally binding.
It needs to be in writing to be enforceable
This response is only a basic answer to your question and is not intended to be legal advise. It is your job to hire an attorney and to discuss the specifics of this question with him or her. I am not giving you specific legal advise and there is no attorney-client relationship created by my answer to your question. The choice of an attorney is an important decision that you must make and that choice should not be made upon adverting alone.
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