Verbal Agreement Binding?

[Diewee]

What is the name of your state?ARIZONA - We had a verbal agreement to purchase a lot next to our home for a set amount. The last comment from the Seller to us was "we have a deal, right?" We assured him we did and with his knowledge, proceeded to obtain a loan for the property. Due to a problem with the legal description on the paperwork, the deed was delayed. He agreed to call us when the deed was received, and we would meet to pay him. Approximately 2 months passed, (the deed was again found to have incorrect information and had to be sent back a second time). I then saw a realtor placing a for sale sign on the property! I contacted the Seller and he told me he had been contacted by a realtor to list the property, at 3 times the amount he had agreed to with us! He never contacted us, by any means to tell us this prior to listing the property. Is a verbal contract binding in AZ? Or, is this a too bad, so sad situation for us. Do we have any legal recourse at all?! I would be willing to have a Lawyer represent us if anything is possible. Thank you for your time!

[JETX]

Originally Posted by Diewee

Is a verbal contract binding in AZ? Or, is this a too bad, so sad situation for us.

Too bad, so sad.

The problem is.... an agreement to purchase real property in most (all??) states is required to be in writing.

Here is the AZ statute:
33-401. Formal requirements of conveyance; writing; subscription; delivery; acknowledgment; defects

A. No estate of inheritance, freehold, or for a term of more than one year, in lands or tenements, shall be conveyed unless the conveyance is by an instrument in writing, subscribed and delivered by the party disposing of the estate, or by his agent thereunto authorized by writing.

B. Every deed or conveyance of real property must be signed by the grantor and must be duly acknowledged before some officer authorized to take acknowledgments.

C. For purposes of this section, a deed or conveyance containing any defect, omission or informality in the certificate of acknowledgment and which has been recorded for longer than ten years in the office of the county recorder of the county in which the property is located shall be deemed to have been duly acknowledged on and after the date of its recording.

Also:
44-101. Statute of frauds
No action shall be brought in any court in the following cases unless the promise or agreement upon which the action is brought, or some memorandum thereof, is in writing and signed by the party to be charged, or by some person by him thereunto lawfully authorized:
<SNIP>
6. Upon an agreement for leasing for a longer period than one year, or for the sale of real property or an interest therein. Such agreement, if made by an agent of the party sought to be charged, is invalid unless the authority of the agent is in writing, subscribed by the party sought to be charged.

Do we have any legal recourse at all?!

Based solely on the information in your post and in my opinion, no.