All real estate contracts must be in writing and signed
Dear Mr. Feichthaler,
I received a call, unsolicited, from someone wanting to buy my lot in Cape Coral. We agreed over the phone on price, division of closing costs and a closing date (late next week). The buyer called me today and said he changed his mind. Considering we agreed on all important terms, can I require him to purchase the lot?
— Tyler W.
Dear Tyler,
After an incredibly strong real estate market for the past two years where only sellers seemed to back out of transactions, we are seeing more buyers now attempting to exit contracts. The question you pose is, do you have a contract? Florida re-quires contracts for real estate to be in writing and signed by all parties, under the statute of frauds. Although this writing could potentially be in the form of emails through an electronic signing program, you only have a verbal telephone discussion regarding a sale. Even if the buyer submitted a signed offer and you verbally accepted, that would not be enough, either. Hopefully you have, or can acquire, a backup offer to take the place of this buyer. Also, note that buyers that call you directly on land not for sale are almost always looking to purchase your property well under market value, in hopes you are not aware of the significant appreciation we have seen over the past two years. Before you sign a contract, make sure you are not being taken advantage of, and have the offer reviewed by legal counsel.
I graduated from Georgetown Law 25 years ago this month, which has made me a little nostalgic. To quote Richard Marx, pop sensation of the ’80s and ’90s, “no it don’t mean nothing ’til you sign it on the dotted line.”
Eric P. Feichthaler has lived in Cape Coral for over 35 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Southwest Florida to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, Cape Coral Museum of History, and Cape Coral Kiwanis. He has been married to his wife, Mary, for over 20 years, and they have four children together. He earned his board certification in Real Estate Law from the Florida Bar. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and legal ability, and is a Supreme Court Certified Circuit Civil Mediator. He can be reached at eric@capecoralattorney .com, or 239-542-4733.
This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.