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Technically, verbal agreement ARE binding. However, verbal agreements are very risky in that they are hard to prove. It becomes a "he said" she said" scenario. Never, ever, ever accept a verbal agreement. Get EVERYTHING in writing so there is no question as to the intent of all parties.
Ryan Huggins - Thousan...
Thousand Oaks, CA
St. George, UT
Debe Maxwell, CRS
A clear verbal is not a legal contract in my opinion, it is merely a promise.
St. George, UT
All you need to know is that in real estate it has to be in writing.
Tony and Suzanne Marri...
We don't honor verbal real estate contracts in Florida.
St. George, UT
No signature, no contract. Except maybe a lease.
I would say that agency can be consumated without any signature but a contract needs to be in writing.
Follow your state laws and regulations...
You may have an implied agreement with a prospect until you reduce it to writing and have their signature.
Expressed or implied can be construed as a contract.
Depends upon your state law - in North and South Carolina, verbal agreements are not legally binding - it must be in writing.
I believe almost all, if not all, real estate contracts must be in writing, even though an express contract can be verbal or written. That said, writing is always best and safest and protects the parties. Implied contracts are based on actions
Get it in writing. Implication binds ONLY the agent!
Follow Carol Williams advice and it will serve you well throughout your career -
You should sit next to Stacey Wuyts who is also a student and asked a similar question. Study for the test and learn the correct answers for your licensing exam but it's always best to have everything in writing and documented when you are dealing with real estate.
As a fellow student, I also have the same question. The only action that I can imagine would hold water is if a seller wants a market analysis and then takes that information to another agent to sell their home. I would probably still give them a free market analysis but only show it on the screen. If they want a printed copy, I would press to find out why and work toward signing an agency agreement.
There is no such thing as a binding verbal offer for real estate here in Virginia. Appreciate you taking the time to share the question hope you will continue :-Dave
ditto to Jeff Dowler.....
What Carol Williams said. Get everything in writing that way there is no confusion or misunderstanding.
Groundhog Day returns again. Read Chapter 2 Contracts
get everything in writing
Heather Zollinger The Statue of Frauds requires all real estate contracts to be in writing to be enforceable in a court of law. An implied contract is when an agent does not represent a client, but by the agent's actions, the client feels they are being represented.
Check state laws and talk to an attorney .
Patricia Kennedy nailed this one!
Answered this yesterday and week and a week before that, etc.
A good rule of thumb to follow in real estate is that if it's not in writing, it doesn't really exist.
There are two types of contracts: an expressedcontract, which states the promises in clear language, and an implied contract, which is where behaviors or actions lead parties to believe an agreement exists.
The examples and the answers to your question may differ by jurisdiction