Is a signed purchase agreement between buyer and seller an

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Is a signed purchase agreement between buyer and seller an

We placed an offer to purchase a new business property as our current location is under contract to sell, it was accepted and we were completing all the details prior to signing the contract. The seller requested an environmental survey which we had and paid $2,100 for. Once the survey cleared the property of contaminants we attempted to contact the seller for over 3 weeks daily by phone and email to complete the contract and pay them, and received no response. Finally, one of their corporate lawyers informed us by letter that the seller decided to keep the property. We are out the fees for the survey, legal fees and now we may have to close the business for a while as our business property has been sold and we have nowhere to relocate our business. We had a contract dispute at one time with one of our subcontractors. Our lawyer informed us that even though all documents were not signed, I’s dotted

and T’s crossed, once we made an agreement it was considered an implied

contract and we would have recourse for damages. Would that not be the same in

this case?

Asked on November 28, 2018 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

An enforceable contract requires an offer--which you made; acceptance of the offer--which the seller did; and "consideration"--promises to exchange things of value, such as your promise to pay them and their promise to sell you the property. Based on what you write, you do appear to have an enforceable contract even if not at of the details are final, since there was agreement as to the material or important facts (e.g. sale price); you could sue them for "specific performance" (a court order requiring them to go through with the sale) with what, based on what you write, appears to be a reasonable chance of success.
That said, your attorney is right in that there are ways that a richer or deeper-pocketed party (the seller) could delay matters and increase costs so as to try to make this unreasonably expensive for you.

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 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption