Get Legal Help Today
Secured with SHA-256 Encryption
Once an offer has been verbally accepted, is it legally binding?
Asked on May 15, 2009 under Real Estate Law, Iowa
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
That depends on the situation. Ordinarily, any contract that involves the title to real estate, or a recordable security interest in real estate like a mortgage, has to be in writing.
However, there are exceptions to this rule. Also, an agreement to settle a lawsuit -- such as a foreclosure action -- can sometimes be enforceable even without a signed written memo.
If you need the answer to this question as it applies to your situation, you need to talk with a real estate lawyer in your area. If you don't already have one, you can start looking for counsel at our website, http://attorneypages.com
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.