Patricia is a buyer's broker in Washington. Her client, Kevin, submits an offer on a home in Olympia. The listing broker calls Patricia and says, 'The seller loves the offer but needs to close in 45 days instead of 30 — if Kevin agrees, we have a deal.' Patricia tells Kevin, who says 'Fine, 45 days works.' No written counteroffer or addendum is signed. Which of the following best describes the status of this transaction?
Correct Answer
C) No binding contract exists because the modification of a material term must be in writing to be enforceable.
Washington's Statute of Frauds (RCW 19.36.010) requires contracts for the sale of real property — and modifications to such contracts — to be in writing and signed by the parties to be enforceable. A verbal agreement to change the closing date, even when communicated through brokers and mutually agreed upon, does not satisfy this requirement. Without a written, signed counteroffer or addendum reflecting the 45-day closing date, there is no enforceable contract. The parties must reduce the agreed modification to a written, signed document.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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.
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