Welcome back, Halifax real estate enthusiasts! Today, we’re diving into a question many buyers and sellers have: “Is a verbal offer enough in real estate?”
While it may seem easier to hash things out in a quick conversation, verbal agreements simply don’t hold up in the real estate world. Here’s why all offers need to be in writing and why it matters to your biggest financial investment.
Why Verbal Agreements Don’t Work
Verbal agreements can be unreliable, especially in high-stakes transactions like real estate. It’s all too easy for someone to deny what they said or change their mind. And in a transaction as significant as buying or selling a home, verbal promises carry no legal weight. That’s why the Nova Scotia Real Estate Commission mandates that all offers must be in writing to ensure accountability.
A written offer, signed by the buyer, provides clear terms and solidifies the buyer's intent to purchase. This creates a legally binding agreement that protects everyone involved.
Emotions and Negotiations: Why Writing is Key
Selling a home is personal, and emotions can run high. For sellers, especially, a lower-than-expected offer can feel like a personal blow. That’s why written offers are essential—they give sellers time to absorb the information and consider the full scope of the offer, beyond just the price. Conditions, the closing date, deposit amounts, and requested items (chattels) all come into play. With everything laid out, sellers can make informed decisions without an emotional knee-jerk reaction.
Time to Reflect
A written offer also provides both parties the chance to take a step back and review the terms thoughtfully. For sellers, it’s an opportunity to assess how the offer fits into their goals, whether they’re moving for financial reasons or looking for a new adventure.
Once emotions settle, both buyers and sellers can focus on the facts and negotiate with a clearer mindset.
The List Price Is Just a Starting Point
It’s important for sellers to remember that the list price is simply a starting point. It’s the amount the seller hopes to receive, but it’s not set in stone. The only number that matters is the one in the buyer’s written offer, which marks the beginning of negotiations. Sellers can counter the offer—again, in writing—and provide buyers the chance to accept or decline based on those terms.
Timelines and Legal Protection
Another key aspect of written offers is the inclusion of timelines. These deadlines ensure both parties know what to expect and keep the process moving forward. Verbal offers often lack the urgency and structure that written offers provide, making them impractical for such important transactions.
Verbal Offers: A Real Estate Myth
Many sellers hear stories of friends or neighbors receiving “verbal offers,” but in real estate, they hold no weight. Without a formalized, written agreement, these offers are little more than casual conversations with no legal backing.
Protecting Your Biggest Investment
Real estate is likely the largest financial investment you’ll ever make. To protect yourself, it’s crucial to stick to written offers. These documents ensure clarity, accountability, and thoughtful decision-making. By keeping negotiations in writing, both buyers and sellers can move forward with confidence, knowing that all terms are legally binding.
Thinking About Your Next Real Estate Move? Let’s Chat!
If you’re buying, selling, or investing in real estate, having everything in writing is just one part of protecting your investment. The real key is having an experienced professional by your side to guide you through the process.
If you’re ready to explore your real estate options in Halifax or Dartmouth, I’d love to help! Contact me today to start the conversation and make your next move the best one yet
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