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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 14 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
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