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Home Q&A Forum Are oral purchase agreements valid?

Real Estate

Purchase Agreement

Illinois

Asked on Oct 30, 2023

Are oral purchase agreements valid?

I'm in the process of purchasing a property and the seller and I have verbally agreed to the terms of the purchase. I'm concerned about the validity of the agreement and want to ensure that I am properly protected under the law. I am looking for clarification on whether an oral purchase agreement is legally binding.

1 Attorney answer

Answer

Real Estate

Illinois

Answered 256 days ago

Michael C.

ContractsCounsel verified

Business Lawyer
Licensed in Minnesota
Free Consultation

Your question suggests a real estate purchase. Oral contracts for the sale or transfer of land are subject to the statute of frauds in most states. This requires such agreements to be in writing and signed by the parties to be enforceable. Although there are some limited exceptions, I recommend trying to get your verbal agreement memorialized in writing as soon as possible.

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