We had a verbal agreement to selling a property and received an amount as part payment.?



However, there was no written agreement for the same. Subsequent to this, due to some reason, the other party withdrew their intent to purchase the property and wanted their money back. Now, they have sent some letters which state false information by registered post which has to be acknowledged. Does receipt of these letters and not replying to them amount to agreement with whatever is stated in these letters? Do they have any valid grounds for legal action?

We had a verbal agreement to selling a property and received an amount as part payment.?
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4 Replies to “We had a verbal agreement to selling a property and received an amount as part payment.?”

  1. When it comes to selling real estate, verbal contracts are NOT enforceable……EVER. That is very basic contract law. Weren’t you paying attention in college???? No those letter do not acknowledge anything because there is no formal WRITTEN contract to acknowledge.


  2. You have the money. You do not need to respond to any letter unless it is a court document. Any response from you may come back to haunt you later. If you have lived up to your verbal agreement, don’t do anything. Keep the money. Buyers remorse is not likely to be considered by a court. If you get a court document, you must respond. Depending on the amount, you may need a lawyer.


  3. Depending on what was stated in your verbal agreement, just follow what you agreed to, but know that verbal contracts in real estate are not enforced. At the very least, the buyers could decide to take you to court and collect, where you must respond if you do get a court order. It’s more than a nuisance; wasting your time and money if you hire an attorney.

    You can wait to see if they do try to take you to court, if all they do is threaten you then it is not much. If they want to take you to court, you can the decide to settle out of court if you want.


  4. You are under the false notion that ‘registered post has to be acknowledged’.

    You can refuse to accept.

    As for the verbal agreement, only you know what it is & how to honour it. You can deduct some amount as Earnest Money Deposit and return back the remaining.

    HMT





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