A Verbal Offer In Massachusetts Is Not Binding

Dated: 01/22/2018

Views: 313

Image title

A Verbal Offer In Massachusetts Is Not Binding

After your buyer’s offer was verbally “accepted,” what the listing agent is telling you is that the seller currently intends on signing he Offer but until the seller signs it, it is not binding.

In order for a contract for the sale of land in Massachusetts to be enforceable, it must comply with the statute of frauds (Massachusetts General Law (M.G.L.) Chapter 259 Section 1). The statute of frauds states that no action shall be brought upon a contract for the sale of real property unless it is in writing and signed by the party against whom enforcement is sought.  In other words, a verbally accepted offer is not binding until it is signed by the seller.  Further, the license law also contains a provision requiring all licensees give both the “buyer and seller a copy of the purchase and sale agreement.” (M.G.L. Chapter 112 Section 87AAA). Brokers are encouraged to establish office policies to ensure compliance with these rules and ensure that their client or customer doesn’t lose out on an opportunity to purchase the home of their choice.

In summary, if the listing agent tells you the offer was “accepted,” the buyer agent must ask if it has been signed by the sellers yet. If the listing agent says “yes”, ask for a copy and the offer is enforceable. If they say “not yet” but they are getting it signed, you should not advise your buyer that it has been accepted. Until the buyer agent is informed the offer has been executed by all parties and has a copy of it, the seller may still accept another offer so you as the buyer agent are misleading your buyers by building a false expectation that they have an accepted offer.

See the full article here

Latest Blog Posts

Foreclosures in Norfolk County

Foreclosures in Norfolk CountyIf you have been looking for real estate at less than full price, you may want to consider a foreclosure property. See the foreclosures in Norfolk County Here

Read More

Boydes Crossing Condos in Norfolk MA

Boydes Crossing Condos in Norfolk MA  Overview Maps Photos Features Description Market Stats Contact us for pricingCondominiums at Boydes CrossingMain Features 2 Bedrooms2 Full

Read More

Own A Property on Martha's Vineyard for $440 month

Own A Property on Marthas Vineyard for $440 a MonthHave you ever been to Marthas Vineyard? If so, you know that nightly expense for a place to syay can be astronomical.I quickly looked at Trip

Read More

6 Miller Terrace Norton MA 02766 Brokered by eXp Realty

6 Miller Terrace Norton MA 02766 Brokered by eXp RealtyThis home is one of only six on the entire dead end street. Home sits on a huge oversized lot and backs up to land owned by the Land

Read More