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Good afternoon. No, you have no legal obligation to purchase this property. Price is but one element necessary for there to be the full accord and satisfaction of an agreement. Under the statute of frauds, agreements regarding real estate must be in writing and signed by all parties. That agreement must set forth all the terms and conditions of that agreement. As I mentioned above, price is but one required element. Issues regarding closing date, financing, due diligence, title, survey
, inspections, etc. would have to have been agreed upon and signed before there would be deemed any binding and enforceable agreement.
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