Does a verbal agreement with a buyer actually mean anything once it's time to sign?

In most states, a handshake on a house doesn't bind either of you. Real estate contracts generally have to be in writing and signed to be enforceable. And since he's gone quiet for two weeks, it sounds like he isn't treating it as binding either. I'm licensed in Virginia, not Rhode Island, so confirm with a local real estate attorney, especially if any money changed hands or there are texts or emails spelling out the terms. Those details can change the picture. If you want to be clean about it, send him one short message in writing. Something like: "I haven't received paperwork from your agent. If I don't have a signed offer by Friday, I'm going to move forward with other buyers." Keep a copy. That gives him a fair shot and gives you a clear record that you moved on in good faith. Then move forward. And the next time someone wants to buy, let it be on paper from the start. A buyer who's serious will put it in writing, usually with earnest money and a pre-approval letter. If you don't have an agent yet, this is exactly what one handles for you. They get offers written, signed, and moving so you're not left waiting on phone calls. A handshake is a nice start. It's just not a deal until it's signed.

Depends on your state. I would suggest you speak with a real estate attorney to determine your options. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Zofia, until you have a signed purchase agreement, you are free to accept another offer. Nearly every state has a statute of frauds requiring a contract to sell real estate to be in writing and signed, so a handshake on price is not an enforceable deal for either side. That said, here is how I would protect yourself instead of just moving on quietly. Send the buyer and his agent a short written message (email or text, so there is a record) saying you have not received an offer, and that you will consider other offers starting on a specific date, say 48 hours out. That gives a fair last chance and clean evidence that you did not leave him hanging. Then go back on the market or reopen showings immediately. Three practical points. First, make sure any new buyer signs a written contract and that you do not sign two contracts for the same property. Second, if you are working with a listing agent, tell them about the handshake so they can handle it properly. Third, if you exchanged texts or emails that look like an acceptance, or if the buyer paid anything or started work on the property, have an attorney in your state take a quick look before you sign with someone else. Two weeks of silence after a handshake usually means the buyer's financing or interest fell through. Do not hold your house hostage for a verbal promise. I am a real estate professional, not an attorney, and your state's rules are the final word. If you are in the Palos Verdes or South Bay area I am glad to help directly, and otherwise I can connect you with a strong local agent. This is Zoltan Peresztegi, and good luck with the sale. Zoltan

No! It has to be in writing to mean anything.

A handshake on price usually isn't enough to create an enforceable home-sale contract in Rhode Island, where these agreements generally need a signed writing. Still, “we haven't signed a contract” doesn't tell the whole story if you've exchanged emails, texts, money or other commitments. Before accepting another offer, have a Rhode Island real estate attorney review what actually passed between you and this buyer. That gives you a firmer answer about where you stand. Meanwhile, your agent can ask the buyer's agent whether a written offer is coming and set a clear time for a response. Two weeks of waiting shouldn't leave you guessing indefinitely about whether there's a deal. Austin Moore Broker/Owner, Austin Moore & Company Real Estate Realtor in Longview, Texas

Hi Zofia, that's a great question, and unfortunately, situations like yours happen more often than you might think. The short answer is that a handshake and verbal agreement generally do not create an enforceable real estate purchase contract in Rhode Island. In Rhode Island and virtually all U.S. states, real estate agreements must be documented in writing and signed to be legally enforceable. In your situation, you and the buyer agreed on a price, but you did not sign a purchase agreement. That means you are not legally obligated to sell your home to this buyer, and he is not obligated to purchase it. Here's what concerns me: It's been two weeks, the buyer hasn't followed through with the paperwork, and he isn't returning your calls. While there could be a legitimate explanation, I wouldn't recommend taking your home off the market indefinitely based on a handshake. My recommendation would be to send the buyer or his agent a written communication requesting an update and setting a reasonable deadline for submitting a formal written offer; continue marketing your property and entertaining other offers; and if another qualified buyer presents an acceptable offer, you can move forward, provided no other enforceable agreement exists. One important distinction: A verbal agreement may demonstrate someone's intentions, but it doesn't necessarily establish a legally binding contract. The bottom line, Zofia, until you have a properly executed purchase agreement, you generally have the freedom to consider other buyers. Don't let an unresponsive buyer cause you to miss a legitimate opportunity to sell your home. A handshake is a wonderful way to establish trust, but when it comes to real estate, get everything in writing. Wishing you a successful sale! Brenda Ashby | REALTOR® | JohnHart Real Estate | DRE License # 01700249

In California, a verbal agreement to sell a house generally isn’t legally enforceable because real estate purchase agreements typically must be in writing and signed by the party being held to the agreement. California Department of Real Estate +1 Since you only shook hands and haven’t signed a purchase agreement, you can generally continue marketing your home and consider other offers. The fact that the buyer has stopped responding for two weeks is another reason not to put your plans on hold. I’d send one final text stating that unless a written offer is received by a specific deadline, you’ll move forward with other interested buyers. If you have any texts or emails confirming the terms, or the buyer has taken possession or made substantial improvements in reliance on the agreement, consult a California real estate attorney before assuming there are no legal issues.