Is a verbal contract regarding the sale of real estate binding?

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Is a verbal contract regarding the sale of real estate binding?

There is nothing in writing.

Asked on July 5, 2015 under Real Estate Law, Indiana

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You gave no details as to yur situation. However, in most cases oral contracts are legal and enforceable. However, real estate contracts are an exception; they must be in writing in order to be binding. While it's not illegal to have an oral contract, courts will not enforce non-written real estate contracts. Also, if you need a mortgage to complete a home purchase, all lenders require a fully written and signed sales contract.


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