Real Estate Law
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Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
Did you submit a written offer on the property that was accepted by the seller?
Ok, unfortunately, if there was no accepted contract on the property for a set price, then the seller is free to increase the price that they are asking for the property if they choose. Their initial price was just an offer to sell that could be revoked or modified at any time up until a signed contract was completed.
Until a written sales contract is signed by both seller and buyer agreeing on a price, there is no contract so neither party is bound to anything. This is under a legal doctrine called the Statute of Frauds which states that any contract regarding real estate has to be in writing in order to be binding.
I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...
You are very welcome. And yes, there are lots of unscrupulous people out there so you have to stick to your guns and not overpay as they are only in it for the commission.. As an aside, in addition to being an attorney, I have also been a licensed realtor for over 11 years and have seen many shady realtors...
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All the best to you and yours.