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If both parties need to have the contract signed by both parties in hand what is to stop one side or the other from just saying then never got the copy?
So the buyer wants to back out and just says he didn't get a copy.
If both parties need to have the contract signed by both parties in hand what is to stop one side or the other from just saying then never got the copy?
So the buyer wants to back out and just says he didn't get a copy.
Specific state would be Florida. Just wondering if there is a time period that a seller should be sending a fully executed signed contract to the buyer.
In Missouri language is written into the contract declaring that the offer is "null and void" if a signed acceptance is not received in a specific period of time (usually a couple of days).
Obviously your contract did not specify a time limit, or if it did, you aren't aware of it. I'd take a look at the contract and see if it says anything on it about this.
If there is no contract but you are just asking for the information, you can contact your state real estate commission and request a copy of both the statute that covers this as well as a copy of the offer contract to review with regard to time limits for reply.
In Missouri language is written into the contract declaring that the offer is "null and void" if a signed acceptance is not received in a specific period of time (usually a couple of days).
Obviously your contract did not specify a time limit, or if it did, you aren't aware of it. I'd take a look at the contract and see if it says anything on it about this.
That was my guess too (although the FL FAR/BAR Purchase Agreement does have such a provision).
I think the information from the NCREC could not possibly have been written with more clarity regarding the topic. I appreciate being prompted to pull it up.
If it was time to lawyer up, I'd willingly put my copy of a properly executed contract, with record of communication of acceptance to buyer or agent, up against anyone who snivels, "I never got a copy, Yer Honor."
And that is how it is taught in real estate prelicensing classes, RE 101, in NC.
Mike,
I'm not sure what you're saying here in this thread.
You do agree that a contract must be fully executed to be enforceable, right?
Every real estate course (and CE course) where this comes up has always hammered home that "all NC contracts must be in writing".
From your link:
Included in the North Carolina Statute of Frauds are certain long-term leases and all contracts for the sale of land or any interest in land. To be enforceable, these leases and contracts must also be "signed by the party to be charged"; i.e., the person against whom you want to enforce the contract.
So, if one party has not signed a purchase contract, and has only orally agreed to its terms, he or she may not be held to the agreement. This means that if a buyer makes a written, signed offer to which a seller has only orally agreed, the agreement is not enforceable. If the seller receives a second offer, he is free to accept it.
"Hearsay" is between the parties and not a factor in the court, I think.
The court will certainly accept a signed contract, and it only takes one copy.
So, one party has one, while the other party can't produce one?
Advantage goes to the party holding the paper.
In North Carolina, you are under contract when it is accepted and signed by all parties, and acceptance is communicated.
A phone call gets communication of acceptance done.
Yes, of course, we pass copies back to buyers after the sellers sign, but until the buyers get their copy, they are still bound by what they signed.
There is some good reading in that link:
"(Note that delivery of the contract document is not required to make a contract enforceable. The contract is formed at the time of communication. The real estate agent does, of course, have a duty to provide copies of the contract to the parties under the Real Estate License Law.)"
Quote:
Originally Posted by Alpha8207
Mike,
I'm not sure what you're saying here in this thread.
You do agree that a contract must be fully executed to be enforceable, right?
Every real estate course (and CE course) where this comes up has always hammered home that "all NC contracts must be in writing".
From your link:
Included in the North Carolina Statute of Frauds are certain long-term leases and all contracts for the sale of land or any interest in land. To be enforceable, these leases and contracts must also be "signed by the party to be charged"; i.e., the person against whom you want to enforce the contract.
So, if one party has not signed a purchase contract, and has only orally agreed to its terms, he or she may not be held to the agreement. This means that if a buyer makes a written, signed offer to which a seller has only orally agreed, the agreement is not enforceable. If the seller receives a second offer, he is free to accept it.
I thought my point was pretty clear, and also clearly only a NC point as I post it.
"Signed" is a far different animal than "Delivered." They are two entirely unrelated concepts.
"Signed" by all parties, with communication of signing creates an enforceable contract. "Delivered" is not required. Delivery is required of a licensed agent, but not required for a contract to be enforceable.
I thought my point was pretty clear, and also clearly only a NC point as I post it.
"Signed" is a far different animal than "Delivered." They are two entirely unrelated concepts.
"Signed" by all parties, with communication of signing creates an enforceable contract. "Delivered" is not required. Delivery is required of a licensed agent, but not required for a contract to be enforceable.
Again, NC, not FL.
I think we went from an impatient OP waiting for a deal to a typical licensing test question from h*ll .
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