QUESTION
Is an agreement to purchase real estate a legal and binding document?
Asked on Mar 28th, 2014 on Estate Planning - Michigan
More details to this question:
The form does not say contract and does not say legal and binding in the contents. This form was signed by me on a line that says Seal when I gave the earnest money to the real estate agent.
15 ANSWERS
Edwin K. Niles
Why else would you have a contract? Of course it's binding if properly executed.
Answered on Apr 02nd, 2014 at 8:27 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Without reading the document, it's impossible to say whether it's a binding contract or not. Generally, real estate agents use a binding contract but contracts often have provisions that release a party. For example, very often real estate contracts provide that if the buyer can't get a loan, then they can walk away from the contract.
Answered on Apr 01st, 2014 at 3:30 PM
In general, if it says that you are buying a certain piece of real estate and the price and you signed it, it is binding. Of course, it could include a lot of contingencies or other words that change this.
Answered on Apr 01st, 2014 at 3:29 PM
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You should have the agreement reviewed by an attorney. No one can adequately advise you without reviewing what you actually signed.
Answered on Apr 01st, 2014 at 3:29 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Obtain the services of a real estate lawyer to advise you who can review the document.
Answered on Apr 01st, 2014 at 3:29 PM
A writing can be considered a contract which is enforceable against everyone who signed it.
Answered on Apr 01st, 2014 at 3:29 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Yes, it is legal and binding. Contracts do not have to say "contract." As a matter of fact, most of my contracts are labeled agreements.
Answered on Apr 01st, 2014 at 3:28 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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There is no way to say without reviewing the document in question. If it was prepared by a real estate agent, I am guessing it is legal and binding. It does not need to recite "legal and binding" in its terms to make it a valid contract. It is not clear what your goal is, at this point. You may want to consult with an attorney to discuss your options.
Answered on Mar 31st, 2014 at 11:50 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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This would be a binding contract even if it didn't specifically have the "heading" that described it as a contract.
Answered on Mar 31st, 2014 at 11:39 PM
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It is likely a legal, binding document if it is in writing and signed by both parties. You will need to show it to an attorney.
Answered on Mar 31st, 2014 at 11:38 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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If the agreement describes the property to be sold, the selling price, and is signed by both parties, it is a binding contract.
Answered on Mar 31st, 2014 at 11:25 PM
An agreement for the purchase & sale of real property needs to be in writing and signed by the party to be bound. In your case, the question is, "Did the seller sign the agreement?" If the seller did not sign the agreement, then you have no enforceable contract to buy the real property. If the seller did sign the agreement, then the question becomes, is there enough information in the agreement so that the property is identified, the price is specified, and the date of closing is determinable.
Answered on Mar 31st, 2014 at 11:25 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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The content of the agreement determines if it is a valid purchase agreement. The title of the document is not material unless it is misleading with an intent to defraud. If both parties signed the document then it is an effective document. Signature lines often have the word "Seal" beneath the line. It is a legal word meaning signature and indicates where to sign the document. It is likely that you signed in the proper location. Purchase agreements often have contingencies that have to take place before a contract is final. It is possible for one of the parties to withdraw if the withdrawal is prior to the other parties acceptance or if one of the contingencies allows the contract to be cancelled.
Answered on Mar 31st, 2014 at 11:24 PM
Yes, it usually is when it is in writing. However, each party can still get out of the actual land purchase by paying some sort of penalty. If you back out, you will lose your earnest money.
Answered on Mar 31st, 2014 at 11:24 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Just as it says, it is an agreement and therefore generally an enforceable contract. See an attorney with the details.
Answered on Mar 31st, 2014 at 11:16 PM