Verbal Agreement?

[ohioreoexperts.com]

We run across this a lot with bank property as well. Until it is signed, it is not an official agreement. Sometimes offers come in with an verbal acceptance but no signatures and we are required to present the new offer as well. If the offer has been sitting on the desk of an AM for a few days, it creates frustration. Just don't count on it being official until it is signed.

[Joelrunner]

My wife is an attorney, and verbal agreements are very much enforceable contracts when both parties agree to the terms. (The problem is that both parties rarely agree on what the agreed upon terms were.)

HOWEVER - real estate is an exception to that rule, and the statute of frauds applies - meaning the exact same thing everyone else has said - it must be in writing.