2007-01-16 15:57:16 · 7 answers · asked by bosco 1 in Business & Finance ➔ Renting & Real Estate
I am from Oregon and can assure you no verbal contract regarding the purchase or sale of Real Estate is enforceable in this state. Conditions can be verbal but still should be documented and attached to your purchase agreement via an addendum or exhibit. No lender can fund an idea, and escrow cannot close on conditions unwritten. Duplicate your verbal agreement on paper and you have a enforceable Earnest money agreement. Only short term commercial leases can be verbal as they don't re-convey real property.
2007-01-16 16:56:06 · answer #1 · answered by Kevin H 4 · 1⤊ 0⤋
You did not say much about what was agreed.
As someone noted, a contract for real property is not enforceable in OR if it is not in writing. Hence there is a contract but the parties can not make a claim to have the contract enforced. Most states follow the same principal or they have a similar rule that says all contracts over $X (normally around $500) have to be in writing.
Contracts that are to be recorded will have a further requirement that the signatures be notarized. Many contracts for real property are recorded. Not all, just many.
From a practical point of view there is nothing to break as there effectively was no contract.
A suggest for the future. Know what you are agreeing to and get in writing if you really mean to move forward. Otherwise do not even agree. It makes it easier for all if a decision is a decision.
2007-01-17 02:19:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Verbal contracts are usually for apartment leases under 6 months, not for a major real estate purchase.
2007-01-16 16:26:45 · answer #3 · answered by Alex L 2 · 0⤊ 0⤋
I'm not from Oregon, but I am a real estate broker, and verbal contracts are hard to enforce. You should research the statute of frauds.
2007-01-16 16:19:24 · answer #4 · answered by saraphina 1 · 0⤊ 0⤋
I'm not from oregon, but I presume if you made a contract on a handshake then it would take discussion and negotiation to change or break that contract.
2007-01-16 16:01:09 · answer #5 · answered by sophieb 7 · 0⤊ 0⤋
To be legal and binding, it has to be in writing. I don't think verbal contracts can actually be enforced.
2007-01-16 16:25:48 · answer #6 · answered by kelly h 3 · 0⤊ 0⤋
Tell them you changed your mind. You have no contract!
2007-01-16 23:27:53 · answer #7 · answered by Barbara 5 · 1⤊ 1⤋