Do you know if your Real Estate Contract is Valid?

Sometimes a Buyer may fall in love with a property and decide to negotiate purchase terms with the Seller right away (Nothing wrong with it) but remember if it’s not in writing it’s not enforceable.

In other words, if Buyer or Seller decide not to fulfill the terms in the conversation, the other party has no legal recourse to force him/her to comply, this is because the Statute of Frauds states that Real Estate Agreements must be in writing and signed by all parties to be enforceable.

So, words have no meaning? The Seller could just change his/her mind and sell the house to someone else for more? Or the Buyer could walk out at any point? Well... Unfortunately, yes… so make sure any agreements made are immediately put in writing and signed by both Buyer and Seller to avoid future headaches.

A written contract stating all the terms, as well as remedies in case either party breaches the agreement is a must. Be wary of a Buyer or Seller who does not want to commit in writing.

As a realtor I will fill out a Purchase Contract that has your best interest in hand.

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