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Answers (3)
- Beth Fread, "Beth Fread"
- Contributions:11
First and foremost - I am not a lawyer/ attorney - just a real estate sales practitioner in Alaska. That being said - no one ever "has" to buy or sell anything. When a "traditional" purchase and sale agreement (contract) is used, there are conditions for compliance with the contract as well as defined points for not concluding the transaction, and penalties for not complying with the contract. One of those penalties can include forfeiture of Earnest Money. Contracts can be oral in Alaska, but all contracts for real estate transactions must be in writing. Your negotiations and agreements were in writing - although no signatures OR Earnest Money were exchanged.
Since the first stipulation was for an exchange of Earnest Money, and that event did not occur, it would be my interpretation (in your place) that you were still in negotiations when a better offer was made.
BUT, I have not read the e-mails, don't really know what you said. If the other party decides to sue, you will definitely need an attorney. This is why Real Estate professionals are used for most real estate transactions.
Since the first stipulation was for an exchange of Earnest Money, and that event did not occur, it would be my interpretation (in your place) that you were still in negotiations when a better offer was made.
BUT, I have not read the e-mails, don't really know what you said. If the other party decides to sue, you will definitely need an attorney. This is why Real Estate professionals are used for most real estate transactions.
- drurydm
- Contributions:2
Michael E - nothing on paper at all and no signatures. I did not even acknowledge his offer of ernest money. However, I don't know if I implied it was a legal contract by continuing the emails.
He has an attorney doing a title search and writing up the final papers and via email said (after reading my email saying I had sold it to someone else...) "We have a deal."
He has an attorney doing a title search and writing up the final papers and via email said (after reading my email saying I had sold it to someone else...) "We have a deal."
- Michael Emery, "MikeEmery"
- Contributions:7284
Did you have a legally binding contract that is signed and dated by both parties? Did that contract include 'earnest money' as part of the contract?
Sounds like you have an email buddy and not a legally binding offer (but I am not an attorney). This is apparently the modern version of a verbal contract which (depending on the state) may or may not be legally binding.
It would be interesting to see if he attempts some legal recourse with a handful of emails.
Sounds like you have an email buddy and not a legally binding offer (but I am not an attorney). This is apparently the modern version of a verbal contract which (depending on the state) may or may not be legally binding.
It would be interesting to see if he attempts some legal recourse with a handful of emails.
Selling vacant land in Alaska. Is an email offer a legal, binding contract?
My brother sent me someone who offered several thousand more, plus they are close friends of the family - I accepted their offer.
When I emailed the first buyer stating that I was selling it to another, he replied that "we had a deal."
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