Legal Question in Real Estate Law in New York

If an verbal agreement was made to pay a particullar amount for an item on a certain date doesthe agreement become void if the idividual does not pay the agreed amount and does the item now become the property of the individual in which the other individual defaulted to pay by the agreement date


Asked on 7/03/12, 4:05 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Under the Uniform Commercial Code, agreements above a certain purchase price must be in writing and caanot be binding if just verbal. If a verbal agreement is allowed, its terms must be complied with in all facets to be binding. Failure to meet any term and condition, causes its termination. In your example it appears the buyer has not met his obligations and has no rights in the property. This is a response to an Internet question and the reply is limited to the facts set forth. Differing or missing facts could change the response. The response is not intended to be legal advice or as creating an attorney-client relationship.

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Answered on 7/04/12, 12:07 pm


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