I am selling my home. Can I sell it to a buyer with cash and no contract?

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I am selling my home. Can I sell it to a buyer with cash and no contract?

I am selling my home. Can I sell it to a buyer with cash and no contract? Or is it in my interest to require a contract?

Asked on June 27, 2016 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Legally, you can sell without a written contract, but why would you want to do that? If there is a default or breach by the buyer of his obligation(s), without a contract, you will find your rights are unenforceable. You are strongly advised to have a contract.
You can sell for cash--there is no obligation to have financing or  a mortgage for a home sale.


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