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Is verbal agreement for real estate legally binding in Michigan?
Wiki User
∙ 8y ago
From what I remember of my business law class from 10 years ago: Yes, up to a contract amount of $500. If the agreement was for $501 then the entire contract is void. I am not an attorney though, so please double check this.
Wiki User
∙ 11y ago
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Is a real estate listing agreement binding in Florida?
Yes it is. If you breach or break the agreement, you can be legally held liable before a court & the company or realtor you signed with could sue you for damages or penalties.
Is a verbal agreement pertaining to real estate binding until closing date?
No
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What needs to be included in cash flow notes?
Cash Flow Notes are legally binding contracts between the borrow and the lender. They contain the details of the agreement between the two parties and are used for things like Real Estate.
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A signed IOU can be legally binding. It can be enforced by the estate if needed.
Is a verbal agreement to purchase proprty in the state of Washington legally binding?
AnswerCheck with your state real estate board. But to my knowledge all real estate contracts must be in writing to be binding. Answer Absolutely not. All real estate transactions in the state of Washington must be in writing, and must have a full and complete legal description of the property being sold. (Firth v. Lu, 103 Wn. App. 267 (2000))
When is a real estate contract a binding contract?
When both parties sign the buy sell agreement and earnest money is in escrow.
Is an email agreement binding with real estate in Oregon?
That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.That is unlikely. Generally, any agreement for the sale of real estate must be in writing and signed by the parties.
Is a formal letter of acceptance of an offer for a property from a solicitor acting on behalf of a deceased estate legally binding?
Generally, yes.
Can a residential real estate agent do a commercial transaction?
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I inherited property from my grandmother. I entered into a memorandum of understanding with a contractor to develop the property. The estate was never probated. Is the contract or MOU valid or void?
There is no simple answer to you question.Generally, a memorandum of understanding is an agreement between parties that expresses a common, agreed upon course of action. It is used in cases where the parties may not want to imply a legal commitment or when the parties cannot at that time create a legally enforceable agreement. MOUs can have the binding power of a contract and you referred to it as a contract in your question.Under common law principles, equitable ownership of real estate passes directly to the heirs upon the death of the owner. The estate must be probated in order for legal title to vest in the heirs.You should consult with an attorney who can review your agreement and determine if it is binding.There is no simple answer to you question.Generally, a memorandum of understanding is an agreement between parties that expresses a common, agreed upon course of action. It is used in cases where the parties may not want to imply a legal commitment or when the parties cannot at that time create a legally enforceable agreement. MOUs can have the binding power of a contract and you referred to it as a contract in your question.Under common law principles, equitable ownership of real estate passes directly to the heirs upon the death of the owner. The estate must be probated in order for legal title to vest in the heirs.You should consult with an attorney who can review your agreement and determine if it is binding.There is no simple answer to you question.Generally, a memorandum of understanding is an agreement between parties that expresses a common, agreed upon course of action. It is used in cases where the parties may not want to imply a legal commitment or when the parties cannot at that time create a legally enforceable agreement. MOUs can have the binding power of a contract and you referred to it as a contract in your question.Under common law principles, equitable ownership of real estate passes directly to the heirs upon the death of the owner. The estate must be probated in order for legal title to vest in the heirs.You should consult with an attorney who can review your agreement and determine if it is binding.There is no simple answer to you question.Generally, a memorandum of understanding is an agreement between parties that expresses a common, agreed upon course of action. It is used in cases where the parties may not want to imply a legal commitment or when the parties cannot at that time create a legally enforceable agreement. MOUs can have the binding power of a contract and you referred to it as a contract in your question.Under common law principles, equitable ownership of real estate passes directly to the heirs upon the death of the owner. The estate must be probated in order for legal title to vest in the heirs.You should consult with an attorney who can review your agreement and determine if it is binding.
