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Are verbal negotiations binding?

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11/17/2015 | Author: Legal Staff

The seller didn’t accept my initial offer to buy his home. He told my agent he would sell the house to me if I came back with an offer $10,000 higher. So I did … only to find out that the seller is already under contract with another buyer. Didn’t he have a duty to sell to me if I met the asking price he said he would accept?

No. Although buyers and sellers may have verbal communications to negotiate acceptable terms, a written contract must be signed by both parties to be binding. 

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Categories: Buyers, Sellers
Tags: negotiation, sellers, buyers, contracts

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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