April 5, 2010
Dear George: My REALTOR® submitted a written offer (TREC contract) signed by me to purchase a property from a bank. The bank's agent sent a counteroffer via e-mail to my REALTOR®. I accepted the counteroffer on the same day, and my REALTOR® immediately alerted the bank's agent by replying to the agent's e-mail. However, the bank has received another offer and is now asking both parties to submit their best offers. The bank's agent is ignoring the counteroffer. Although I don't have a signed contract that contains the terms of the counteroffer, I feel that we had an agreement based on the REALTOR®'s e-mails. What should I do?
Answer: The question of whether there was legal acceptance of the bank's counteroffer by both parties will require a court to resolve. The e-mail acceptance may be binding; the law now states that you can't deny the enforceability of a contract merely because it was in an electronic format. However, you're going to find it a long, costly battle. The smartest course of action is to submit your
best offer.
Dear George: We're renting a property that was recently sold. What happens
to us?
Answer: Usually, the owner sells the property subject to the terms of the lease agreement, which would mean you may remain in the property according to the terms of your lease. The lease is an encumbrance on the property, and is superior to any later claims.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
