What Makes a Contract Legally Binding in Texas?
Just submitting an “offer” may not necessarily make it legally binding. However, with the next components of the contract, it makes it legally binding. A real estate transaction is a complex transaction. Consult a Texas real estate attorney if you do not understand what you are signing to. Do NOT rely on your Texas real estate agents for answers. OFFER – An “offer” must be extended. An offer may be extended in writing or spoken. However, most “verbal” offers are not taken seriously by Sellers. It may be viewed that Verbal offers are just possible “options”. Also, due to the Statute of Frauds, contracts are required to be in writing to be enforceable. An offer that is extended should be held to a specific action upon acceptance of the offer. Here are some considerations to an offer made: • Has the offer define the parties to the transaction? Noted the subject of the offer? Specified a timeline? • Is the offer “serious”? • Does the offer spell out the terms of the “offer”/ contract? ACCE
