Legal Question in Real Estate Law in Texas
verbal agreements
A person verbally offered the sale of a home directly to us. We have been proceeding with all items in the purchase of the home, including making all necessary repairs to accomodate approvals. We did have a legal contract drawn up, but were not able to close on the specified date. We are a few days from all requirements for closing and now the seller says they will not honor any further delays, and are cancelling the contract. By means of verbal solicitation and agreement, are they liable for selling the home to us or reimbursing our expenses?
1 Answer from Attorneys
Re: verbal agreements
The terms of the real estate purchase agreement cover your agreement with the buyers. You should have obtained a written and signed extension. You may want to try to offer to close immediately, but generally there is a "Time is of the Essence" clause in real estate purchase agreements. You should have a lawyer review all of your documents to assure you of your rights.
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