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MShore, Attorney
Category: Legal
Satisfied Customers: 25285
Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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During a real estate negotiation, the seller made a verbal

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During a real estate negotiation, the seller made a verbal counter offer that was accepted approximately three weeks later in writiting. On the day the written acceptance offer was to be provided to the seller, the buyer was informed that another offer was coming in.

Not knowing if another offer was actually present, it seems that the verbal counter offer is being altered with the net result of changing the terms.

Question: In NC, are verbal contracts just as binding as written contracts? Also, is it not a matter of ethics to recognize the first contract in line - and act upon that contract until there is a conclustion to execute or walk away. Finally, shouldn't the seller have an obligation to have some term?
Thank you for your post, I will answer your questions in order:

For real estate purchases, verbal contracts are not binding. Yes it is ethical to recognize the first contract, but what is ethical and legal can sometimes vary.
Customer: replied 7 years ago.
Do you think I have any recourse?
Yes, in equity not in law. Equity is when the court looks to what is fair when a strict application of the law would lead to an unjust result.
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