A buyer submits a written offer on a Spokane property with an expiration clause stating the offer is void if not accepted by 5:00 PM on Friday. The seller calls the buyer's broker at 4:45 PM Friday and verbally accepts all terms. The seller's written signature is not obtained until Saturday morning. Is there a binding contract?
Correct Answer
D) No, because Washington requires all real estate contracts to be in writing and signed by both parties to be enforceable.
Washington's Statute of Frauds requires that contracts for the sale of real property must be in writing and signed by the party to be charged in order to be enforceable. A verbal acceptance of a real estate purchase offer does not satisfy this requirement. Even though the verbal acceptance occurred before the 5:00 PM Friday deadline, the absence of a written, signed acceptance means no enforceable contract was formed. The written signature obtained Saturday morning came after the offer had already expired.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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