Legal Question in Real Estate Law in California

Re: Oral Agreement

Another angle to explore is whether the realtor was acting as your agent or broker in any aspect of this transaction. If so, he owes you special duties of loyalty, care, fairness, diligence, etc. as your fiduciaty. If the realtor was merely acting as a principal, far fewer special duties attach to the fact that he is a real-estate professional. Otherwise, as the previous answers point out, this is mainly a matter as to whether the contract can be taken out of the statute of frauds and enforced on the ground of part perfomance (your best theory, I'd suspect), estoppel, fraud or that you have rights as the equiable or legal owner of the real property that are enforceable to your benefit despite an inability to enforce the assumption of payments contract.

Re: Oral Agreement

In 1677, the English parliament passed an act known as the Statute of Frauds. This act specified that certain contracts were required to be in writing to be enforceable. Included in that statute, was the requirement that a contract for the sale of lands or real property had to be in writing to be enforceable in a court of law.

Today, all U.S. jurisdictions have a form of the Statute of Frauds codified in some form or another in their laws. California's requirement is codified at Civil Code section 1624. "The following contracts are invalid, unless they, or some note or memorandum thereof, are in writing and subscribed by the party to be charged or by the party's agent ... an agreement for the sale of real property..."

The only exceptions to this rule are executed oral agreements, part performance, and the doctrine of equitable estoppel.

It would take some more facts to determine whether you have one of these exceptions. Certainly a licensed real estate agent is presumed to know of the existence of the Statute of Frauds. Next time, get the agreement in writing.

Re: Oral Agreement

There are not enough facts. Generally, real property transactions must be in writing.

Is the Realtor living in the property, a tenant?

There may also be some other issues for the purchaser as he is a licensed agent/broker.

Re: Oral Agreement

In order to assist you I need to know whether you still have title to the property or if you transferred it to the realator. If you still have title in your name, you are in a much, much better position than if you do not. Either way, it sounds to me like you do have a lawsuit against your realator for fraud, promissory estoppel, etc. The statute of frauds applies if you want to force your realtor to buy your property. You can sue him for money whether your agreeement was verbal or not. I am concerned because it sounds like your house is in foreclosure. If it is, this is something we need to address immediately.