Submitted by Gmijohn on Mon, 06/07/2010 - 16:59
Posted in
Buyer accepted listing price and signed P&S agreement. Seller (on vacation and out of area) verbally accepted offer after refusing previous lower offers from seller. Then buyer's agent reported seller had changed mind because higher offers had subsequently been received. Can seller legally rescind verbal acceptance as they had yet to sign the P&S?
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Editor's Response
See Massachusetts General Laws, Chapter 259, Section 1 regarding the statute of frauds in Massachusetts: "No action shall be brought . . .Upon a contract for the sale of lands, tenements or hereditaments or of any interest in or concerning them . . . unless the promise, contract or agreement upon which such action is brought, or some memorandum or note thereof, is in writing and signed by the party to be charged therewith or by some person thereunto by him lawfully authorized."
There are a few, rarely applicable, exceptions to the statute of frauds, such as partial performance. However, without knowing all of the facts and circumstances of your case, it does not seem like your "agreement" will be enforceable as a contract in Massachusetts. However, you might want to ask an MA attorney to review the documents and circumstances. You write of a P & S agreement, but the outcome could be very different if the seller had signed a binding offer to purchase real estate. Good luck