What is the name of your state?undefinedWhat is the name of your state? New York
My husband is selling his property & building and is listed with a Real Estate agent. The agent presented offer's and my husband said yes to one. No binder was signed or anything else. The buyer had an engineer inspection. In the meantime, the Real Estate agent kept presenting offers and my husband decided to go with a different buyer with better terms (not more money). My husband's attorney received the contract and a deposit from the first buyer but my husband has since signed a contract with the buyer with better terms. Now the first buyer says he is suing my husband. He said they have about $30,000.00 invested in this deal already and he wants the property. I always thought that a real estate deal had to be in writing. He should have never proceeded with anything until the contract was signed (title search, mortgage application fee, etc). Can someone please help with this?
My husband is selling his property & building and is listed with a Real Estate agent. The agent presented offer's and my husband said yes to one. No binder was signed or anything else. The buyer had an engineer inspection. In the meantime, the Real Estate agent kept presenting offers and my husband decided to go with a different buyer with better terms (not more money). My husband's attorney received the contract and a deposit from the first buyer but my husband has since signed a contract with the buyer with better terms. Now the first buyer says he is suing my husband. He said they have about $30,000.00 invested in this deal already and he wants the property. I always thought that a real estate deal had to be in writing. He should have never proceeded with anything until the contract was signed (title search, mortgage application fee, etc). Can someone please help with this?