OfflineSince there are always a lot of new people on this website, one of the first rules when selling real estate is that it HAS to be in writing. Oral contracts or modifications are NOT binding. The New York Court issues a nice finding as it is being overwhelmed with people who are saying that they entered into a verbal adjustment to a contract. Read it here:
http://www.jdsupra.com/legalnews/new-york-appellate-court-enforces-no-or...
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Always Looking to Acquire Houses | Always Looking to Amaze Investors
"a verbal contract isn't worth the paper its written on"
Everything MUST be in writing
Thanks Bill
Mike
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That is an excellent point, and a good reminder. When placing offers on properties, I have found it to be as successful, is not more successful and no more time consuming to just submit an offer on a paper contract. I personally don’t even waste time with verbal offers. Any negotiations done “verbally” can’t be counted on when it comes down to actually putting the paper contract together. There is nothing to say that either party agreed to any of the terms you are putting on your contract once all of your verbal negotiating has transpired. In the long run you will probably spend more time negotiating twice; once verbally and then again when you start doing the paperwork. Save yourself time, energy and frustration, by just submitting an offer on a paper contract. That way all of the negotiations are in black and white, there for all to be seen. And you won’t have to do it twice.
Thanks for the reminder.