Hi all,
I realise the traditional way to make an offer on a property is to have the agent draw up a formal offer document which, if the seller accepts and signs it, creates a formal legal contract.
However, in the very early stages of a negotiation when there's likely to be lots of 'going back and forth' on price, terms, etc, is there any harm or legal risk in just emailing offers to the agent (that is, doing the negotiations by email rather than verbally)? I assume that an emailed offer is not a legally binding document... is it?
For example, if I emailed the agent and said something like "Dear Sue, I'd like to make an offer of $X for the property at [address], subject to the following conditions...", this email doesn't constitute a legally binding offer, does it?
Once the parties have reached general agreement, then a proper formal offer can be drawn up.
My understanding is that nothing actually becomes legally binding until both parties have signed and executed a proper contract... but I just wanted to double-check this.
I realise the traditional way to make an offer on a property is to have the agent draw up a formal offer document which, if the seller accepts and signs it, creates a formal legal contract.
However, in the very early stages of a negotiation when there's likely to be lots of 'going back and forth' on price, terms, etc, is there any harm or legal risk in just emailing offers to the agent (that is, doing the negotiations by email rather than verbally)? I assume that an emailed offer is not a legally binding document... is it?
For example, if I emailed the agent and said something like "Dear Sue, I'd like to make an offer of $X for the property at [address], subject to the following conditions...", this email doesn't constitute a legally binding offer, does it?
Once the parties have reached general agreement, then a proper formal offer can be drawn up.
My understanding is that nothing actually becomes legally binding until both parties have signed and executed a proper contract... but I just wanted to double-check this.