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Are verbal offers legally binding?
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The short answer is NO. Real Estate purchase contract have to be in writing. I am not a lawyer and can not give you legal advise. But just the fact that you told a seller that you are buying his property will not make you liable for the purchase. There are countries like the Netherlands where verbal contracts even for real estate are binding, but the proof of the verbal agreement can be tricky without whiteness.
Even after a written offer has been delivered the negotiations might be moved to a verbal counter offer and verbal counter counter offer. After a verbal agreement is reached the agents involved will draft a written counter proposal on a Colorado Real Estate Commission approved form. Only when signed do they become a legally binding contract. Please consult your legal representative for any legal advise. |
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