March 18, 2013

Buying or Selling a Home

The Purchase Contract

Can oral promises constitute a contract?

Yes. Many kinds of contracts don't have to be in writing to be valid. For example, if a seller orally promised to update the electrical system, the buyer might be able to insist that the system be updated even if the matter doesn't arise in later negotiations.

>>What is an offer to purchase?
>>What might I include in my offer to purchase a home?
>>What is earnest money?
>>How is the offer negotiated?
>>How does an offer relate to the purchase contract?
>>Can oral promises constitute a contract?
>>When should we involve a lawyer?
>>What are the key provisions of the purchase contract?
>>What is an inspection rider?
>>What is an attorney-approval rider?
>>What is a mortgage-contingency rider?
>>May the seller refuse a mortgage-contingency rider or an inspection-contingency rider?
>>What happens to my earnest money deposit if we do not complete the sale?
>>Can a buyer sue a seller for backing out of the contract?
>>Are there any special considerations when you are buying a home from a builder?


Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
*The Purchase Contract* | Financing a Home Purchase | The Closing | The Fair Housing Act
Where to Get More Information