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What Is a Verbal Offer in Real Estate? - Peter Zinkovetsky
From Avenue Law Firm - What Is a Verbal Offer in Real Estate? explains how a verbal offer in Manhattan real estate is an oral proposal to purchase property and, under New York law, it is not legally binding. This episode unpacks how negotiations often begin with spoken terms but only become enforceable when the parties move to a properly executed written contract.
Learn how the New York Statute of Frauds, including New York General Obligations Law § 5-703, requires real estate contracts to be in writing, and what information must appear in a contract of sale to satisfy legal requirements. The…
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