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Can a party to a real estate transaction be held liable with just a verbal promise to sign a contract?
I just had an experience where we had multiple offers on a property and all parties were told to come in with their highest and best offer. A buyer stepped up and made a full price offer to the seller and the seller promised to sign the agreement. Just before the seller was going to sign, a higher offer came in. Of course the seller wanted the highest offer and did not want to counter the agreement they originally promised to sign. Not only was the latter offer higher but the buyer was much more qualified than the buyer they first agreed to sell to. 
After the seller signed the highest priced offer, the first buyer who lost out contacted an attorney to challenge the validity of the verbal agreement based on the promise to sign the offer. In Texas, the contract states that it is not binding until signed by all parties and communicated as such. After 29 years in the business, I was surprised to learn that if a party promises to sign an agreement and then changes their mind, they could be held liable for damages resulting from actions the other party took based on the promise of the other party ... more

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