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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55442
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hello. Im in Virginia, and I met with 2 members of my local

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Hello. I'm in Virginia, and I met with 2 members of my local town council yesterday. The town has some real estate for sale that I am interested in possibly purchasing. We discussed a "tentative price" dependent on some additional research that I'm doing regarding the property. The research is turning out not to be favorable toward me purchasing the property. I have made no formal purchase offer nor have I signed any legal documents. Am I bound in anyway by this "tentative price" we discussed? Thank you.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

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.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
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Customer: replied 4 years ago.

Thanks for the quick, very well written response! I have one more question. Even though the sellers and I discussed a "tentative price", it would be within my rights to rethink this price given my research then renegotiate the price coming in lower than the original "tentative price" that was discussed, correct? All the seller can say is "no", I would assume.

Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: