Asked by Eileen
What if the agent who represent this property verbally offered their selling price to me as $600k during my first viewing and later up their price to $618k, is this acceptable? I have yet to OTP. Thanks.
171 views
2 Answers
Hi Eileen,
A verbal agreement does not constitute any legal contract. So you could either accept the latest offer or skip this unit entirely.
Regards
Aaron
9730 8455
aaronchong2774@yahoo.com.sg Read More
A verbal agreement does not constitute any legal contract. So you could either accept the latest offer or skip this unit entirely.
Regards
Aaron
9730 8455
aaronchong2774@yahoo.com.sg Read More
Hi Eileen,
1) This has something to do with the rules spelled under contract law.
2) A legal contract is only formalized when it meets 3 elements in an agreement:
(a) Offer
(b) Acceptance
(c) Consideration
3) The price put on advertisement is known as " Open for offer". This does not constitute an offer.
4) It is only the buyer who can "offer" a price. The seller has the free will to "accept" or "not to accept".
5) Seller verbal offer is still "open for offer", once you didn't put up an "offer" and "accepted" by the seller. There will not be any legal binding.
6) Finally, consideration must be present, i.e. money, which in this case the option fees.
7) Therefore unless all 3 elements are present in the correct order then there is this legally binding contract form.
8) As for your case, it is just an "open for offer". It will no longer be valid once you walk out the door.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
1) This has something to do with the rules spelled under contract law.
2) A legal contract is only formalized when it meets 3 elements in an agreement:
(a) Offer
(b) Acceptance
(c) Consideration
3) The price put on advertisement is known as " Open for offer". This does not constitute an offer.
4) It is only the buyer who can "offer" a price. The seller has the free will to "accept" or "not to accept".
5) Seller verbal offer is still "open for offer", once you didn't put up an "offer" and "accepted" by the seller. There will not be any legal binding.
6) Finally, consideration must be present, i.e. money, which in this case the option fees.
7) Therefore unless all 3 elements are present in the correct order then there is this legally binding contract form.
8) As for your case, it is just an "open for offer". It will no longer be valid once you walk out the door.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More