After your buyer’s offer was verbally “accepted,” what the listing agent is telling you is that the seller currently intends on signing he Offer but until the seller signs it, it is not binding.
In order for a contract for the sale of land in Massachusetts to be enforceable, it must comply with the statute of frauds (Massachusetts General Law (M.G.L.) Chapter 259 Section 1). The statute of frauds states that no action shall be brought upon a contract for the sale of real property unless it is in writing and signed by the party against whom enforcement is sought. In other words, a verbally accepted offer is not binding until it is signed by the seller. Further, the license law also contains a provision requiring all licensees give both the “buyer and seller a copy of the purchase and sale agreement.” (M.G.L. Chapter 112 Section 87AAA). Brokers are encouraged to establish office policies to ensure compliance with these rules and ensure that their client or customer doesn’t lose out on an opportunity to purchase the home of their choice.
In summary, if the listing agent tells you the offer was “accepted,” the buyer agent must ask if it has been signed by the sellers yet. If the listing agent says “yes”, ask for a copy and the offer is enforceable. If they say “not yet” but they are getting it signed, you should not advise your buyer that it has been accepted. Until the buyer agent is informed the offer has been executed by all parties and has a copy of it, the seller may still accept another offer so you as the buyer agent are misleading your buyers by building a false expectation that they have an accepted offer.
Born and raised in Beirut Lebanon, moved to the Boston area in 1990. Got my Real Estate license in 1994, joined RE/MAX Landmark Realtors full time and been there ever since.
It has always been my goal to provide excellent customer service. It has become a second nature for me, so it only makes sense to place myself into an occupation that fully utilizes my abilities.
As a professional real estate sales agent I assist sellers in marketing their property and selling it for the highest possible price under the best terms available. When I act as a Buyer's Agent with a signed agreement; I assist buyers by helping them purchase property for the best possible price under the best terms available.
Licensed REALTOR in MA, Member of the National Association of REALTORS, Gradual Real Estate Institute (GRI), Accredited Buyer's Representative (ABR). Certified Short Sale Specialist (SFR) and Certified HAFA Specialist. Experienced property manager. Fluent in English, French and Arabic.