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If you have offered to sell your home and the buyer has agreed to the price AND the buyer has given the seller earnest money, then you have the three elements necessary for a "binding" legal contract. All three elements ie.. offer, acceptance, and consideration must be present and verbal contracts are enforceable as well, although verbal contracts may be more difficult to enforce. You might be able to back out with a skillful lawyer defending you, but it might be cheaper to do the sale.

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