Legal Question in Real Estate Law in New York

The buyer who agreed to purchase my mother's house in New York State backed out. I learned after the fact that there was never a deposit, nor a contract. He just walked away because he changed his mind.

I spoke to the listing realtor who told me the protocol NY State is to accept a verbal offer to purchase when the price is agreed upon. No deposit, no contract. The inspection happened after the "offer" and it had a few items that needed attention but nothing major. They were not negotiated, the buyer accepted it and later decided to purchase another property he was looking at.

I have only sold and bought real property in Florida, but this seems very unlikely that there's no paperwork, no commitment to buy. Is the realtor telling me the truth or did she really make a big mistake. (This property was "sold" for over $1M)

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