Legal Question in Real Estate Law in California
Verbal offer and acception of property
After days of negotiation, a verbal offer for the sale of a home in which the broker owned was verbally accepted by me an agent. We were to meet a couple of days later to start escrow. Anyway, we met, to start escrow and he said that he doesn't want to sell until he finds another property to do a 1031 exchange for.
3 Answers from Attorneys
Re: Verbal offer and acception of property
Even with detrimental reliance, you are probably in an uneforceable situation with little or no damage potential. Sorry. (If you signed a letter of understanding or agreement to agree, the outcome will change).
Joel Selik
Attorny/Broker
800-894-2889
Re: Verbal offer and acception of property
Contracts to sell real property must be in writing. Civil Code �1624(3). Code of Civil Procedure �1971. You don't have a contract yet.
Re: Verbal offer and acception of property
As an agent you should know that agreements for the sale and purchase of real property must be in writing. What contract?
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