Is an agreement to purchase real estate a legal and binding document? 19 Answers as of April 02, 2014

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.

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Law Ofices of Edwin K. Niles | Edwin K. Niles
Why else would you have a contract? Of course it's binding if properly executed.
Answer Applies to: California
Replied: 4/2/2014
Ronald K. Nims LLC | Ronald K. Nims
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.
Answer Applies to: Ohio
Replied: 4/1/2014
Durham Jones & Pinegar | Erven Nelson
A writing can be considered a contract which is enforceable against everyone who signed it.
Answer Applies to: Nevada
Replied: 4/1/2014
Law Office of Pamela Braynon | Pamela Y. Braynon
If it is not a contract, then it is just an agreement. If you have concerns about the document you should consult an attorney that is familiar with real estate law.
Answer Applies to: Florida
Replied: 4/1/2014
James Oberholtzer, Attorney at Law
James Oberholtzer, Attorney at Law | James Oberholtzer
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.
Answer Applies to: Oregon
Replied: 4/1/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    You should have the agreement reviewed by an attorney. No one can adequately advise you without reviewing what you actually signed.
    Answer Applies to: Nevada
    Replied: 4/1/2014
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Obtain the services of a real estate lawyer to advise you who can review the document.
    Answer Applies to: California
    Replied: 4/1/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    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.
    Answer Applies to: Idaho
    Replied: 4/1/2014
    Frederick & Frederick PLC | James P Frederick
    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.
    Answer Applies to: Michigan
    Replied: 3/31/2014
    Stephens Gourley & Bywater | David A. Stephens
    Generally it is binding.
    Answer Applies to: Nevada
    Replied: 3/31/2014
    James Law Group
    James Law Group | Christine James
    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.
    Answer Applies to: California
    Replied: 3/31/2014
    Edward L. Armstrong, P.C. | Edward L. Armstrong
    This would be a binding contract even if it didn't specifically have the "heading" that described it as a contract.
    Answer Applies to: Missouri
    Replied: 3/31/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Just as it says, it is an agreement and therefore generally an enforceable contract. See an attorney with the details.
    Answer Applies to: Michigan
    Replied: 3/31/2014
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Most contracts do not say "contract", and from what you say, this appears to be enforceable or you will be in breach.
    Answer Applies to: California
    Replied: 3/31/2014
    Law Office of Jeffrey T. Reed | Jeffrey T. Reed
    As long as the terms of the agreement are definable it would be binding. It sounds like you are trying to get out of the agreement, think about what you would be doing if you were trying to enforce it!?
    Answer Applies to: California
    Replied: 3/31/2014
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    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.
    Answer Applies to: Nebraska
    Replied: 3/31/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    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.
    Answer Applies to: Illinois
    Replied: 3/31/2014
    Attorney At Law | James G. Maguire
    If the agreement describes the property to be sold, the selling price, and is signed by both parties, it is a binding contract.
    Answer Applies to: Louisiana
    Replied: 3/31/2014
    Vandervoort, Christ & Fisher, P.C. | James E. Reed
    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.
    Answer Applies to: Michigan
    Replied: 3/31/2014
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