Real estate contract liability?

Question

I recently signed a real estate agreement offer for a home, which the seller verbally accepted. The next step was a deposit, which I have not forwarded, as I have changed my mind on the property. Is there any liability on my behalf? The contract is not clear on whether I am or not.

Answer 1

The Statute of Frauds says that all realty agreements,  except for leases of under 1 year, have to be in writing.  BOth parties have to sign it.  One signature is not enuf.  You have the right to withdraw any offer prior to written acceptance by the seller. You know that if the seller had verbally accepted, then 10 minutes later received an offer which was $50,000 more, the seller would have explained to you why the verbal acceptance was not binding on him.  Start sending faxes and emails and letters withdrawing your offer.