Are Verbal agreements to sell Real Estate in Texas Enforceable?????
The answer is below Courtesy of
Sean A. Clemmensen | Managing Partner & General Counsel
281.923.5708 (Mobile)
www.tiagotitle.com
How many times as a Real Estate agent and or broker do we get calls from other agents saying I do not want to write up an offer just tell the seller this is what the offer is...... Really Ah no thank you offers are to be in writing no verbal offers will be presented..... All offers are presented when sent in correct form which is in writing. Why would anyone ask such a question is beyond me.... but it happens. The seller wants to sell the buyer wants to buy let's get it in writing so we can correctly discuss the offer . ( this part written by Laura Filip Broker Owner of RE/MAX UTOPIA)
Thank you To Sean A. Clemmensen of Tiago title for sending the email and letting me use the information he has sent.
Are Verbal Agreements to Sell Real Estate in Texas Enforceable?
NO!
As a starting point, verbal contracts do exist and are legally enforceable in Texas, as a matter of law, if they meet necessary legal requirements and specificity. Adequate consideration must be given between the two parties of a verbal contract to make it binding. Adequate consideration is defined in two ways: (1) having a mutual reciprocal exchange [bargained for exchange] or (2) having legal value [an individual must do something that he is not legally obligated to do]. If adequate consideration is given between both parties and all other legal requirements are met, then a verbal contract may be held valid in a court of law.
HOWEVER, verbal contracts are also limited by the Statute of Frauds. The Statute of Frauds requires a verbal agreement to sell real estate be reduced to writing and signed by the buyer and seller to become valid. While verbal negotiations of contracts can be a quicker way to reach an agreement, verbal agreements are not enforceable for the sale of real property.
Sean A. Clemmensen | Managing Partner & General Counsel
281.923.5708 (Mobile)
www.tiagotitle.com
Tiago Title, LLC | Managing Partner & General Counsel
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