Is a verbal agreement on a real estate contract offer binding?

My realtor called me 2 days ago with an offer. We went back and forth on the phone with this offer until we reached an aggrement. Verbally agreed by phone only. I was suppose to meet with the realtor today to sign the offer. But in the mean time I recieved a full price offer for my home. Is this verbal agreement binding in the state of PA. Can I take the other full price contract offer or am I leagally binded to the verbal offer?

Asked on July 9, 2012 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

From what you have written with respect to the full price offer for your home relayed by your realtor, the verbal offer is not valid under the doctrine called the "statute of frauds" which requires a written agreement by a person buying real property or selling it to be dated and signed by the party to be charged with the transaction.

Until you have a written offer signed by the buyer and you accept it in writing, there is no agreement to sell your home that is legally binding. You can accept any other written offer you desire in writing if you wish.


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