Oral agreements in real estate - are they binding?

[nmandy]

What is the name of your state?What is the name of your state? NY

Is an oral agreement to buy/sell a co-op apartment, with no contract drafted, no money paid and the only papers exchanged are the parties' respective phone numbers and the agreed-upon price of sale, a binding contract, or can either side cancel the agreement with impunity?

 

[BelizeBreeze]

The contract is worth the paper it's written on.

 

[HomeGuru]

The contract is worth the paper it's written on.

**A: and I bet it's toilet paper.

 

[juliedealer]

A man is as good as his word, but a good man will put it in writing.

 

[HomeGuru]

What is the name of your state?What is the name of your state? NY

Is an oral agreement to buy/sell a co-op apartment, with no contract drafted, no money paid and the only papers exchanged are the parties' respective phone numbers and the agreed-upon price of sale, a binding contract, or can either side cancel the agreement with impunity?

**A: read the NY statutes of frauds.

 

[nmandy]

Not having the NY statutes of frauds before me (not surprisingly as I am not a lawyer), and judging from the other responses, I gather the party that reneges on the sale agreement under the terms mentioned couldn't be sued for fraud, could they?

 

[PghREA]

Sure, you can sue anyone for anything - would you win? Probably not.

 

[HomeGuru]

Not having the NY statutes of frauds before me (not surprisingly as I am not a lawyer), and judging from the other responses, I gather the party that reneges on the sale agreement under the terms mentioned couldn't be sued for fraud, could they?

**A: they could, but under the statutes of frauds the case would be dismissed.