Boston Realtor Mike Mahoney
Michael Mahoney
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Archive for the ‘Verbal Offer in Massachusetts’ Category

January 22nd, 2018 by Michael Mahoney

The Greater Boston Real Estate Board Informer

VERBAL ACCEPTANCE OF AN OFFER IS AS GOOD AS THE PAPER IT IS WRITTEN ON

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.

See the whole article here

 

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5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

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