After your buyer’s offer was verbally “accepted,” what the listing agent is telling you is that the seller currently intends on signing he Offer but until the seller signs it, it is not binding.
In order for a contract for the sale of land in Massachusetts to be enforceable, it must comply with the statute of frauds (Massachusetts General Law (M.G.L.) Chapter 259 Section 1). The statute of frauds states that no action shall be brought upon a contract for the sale of real property unless it is in writing and signed by the party against whom enforcement is sought. In other words, a verbally accepted offer is not binding until it is signed by the seller. Further, the license law also contains a provision requiring all licensees give both the “buyer and seller a copy of the purchase and sale agreement.” (M.G.L. Chapter 112 Section 87AAA). Brokers are encouraged to establish office policies to ensure compliance with these rules and ensure that their client or customer doesn’t lose out on an opportunity to purchase the home of their choice.
In summary, if the listing agent tells you the offer was “accepted,” the buyer agent must ask if it has been signed by the sellers yet. If the listing agent says “yes”, ask for a copy and the offer is enforceable. If they say “not yet” but they are getting it signed, you should not advise your buyer that it has been accepted. Until the buyer agent is informed the offer has been executed by all parties and has a copy of it, the seller may still accept another offer so you as the buyer agent are misleading your buyers by building a false expectation that they have an accepted offer.
Greg Noyes is here to provide you with all the resources and information you
need to buy or sell real estate. I work with buyers or sellers from Cape Cod Bay to Boston and all the towns in between.
I have had extensive training in the latest real estate marketing technology and marketing strategies. I am confident that I can offer you knowledge and tools most other agents can't.
I am Greg Noyes, A Real Estate Broker/agent with Exp Landmark Realty at 630 Park Street in Stoughton,MA 02072. I have been an agent for 30 years. After spending over 20 years with the RE/MAX Landmark office, "Above the Cloud", I joined Exp Landmark Global Realty group to move "into the Cloud" to reach a new and more exciting venue in Real Estate. "With Exp we have access to ground-breaking real estate technology to better serve our agents and clients". I have specialized in all aspects of Real Estate including investments, Commercial, Residential, New Construction, Beach Front, land and multi family Properties. I put together an amazing search and sell system for you, as an agent with the best real estate tools, who is willing to help with any of your real estate needs. Call me at anytime to see how I can help you!
Contact me via email,text or phone so I can keep you updated on the latest real estate activities in your community and answer any questions you may have.
Greg Can be reached at 617-899-4831
Email: [email protected]
The picture of me is doing what I like to do best, fishing "On Old Cape Cod". I also like the Red Sox and Patriots! The buzz is i am a Bee keeper too! (Honey)