Winston Salem - What is the EFFECTIVE DATE OF A CONTRACT

 

 Is an oral contract to sell real property legally enforceable? No. 

Any contract to sell real property is unenforceable against a party unless it is writing and signed by that party or on his or her behalf by some other lawfully-authorized person. When does a contract using the Offer to Purchase and Contract (Form 2-T) become legally binding on the buyer and seller? An offer made using Form 2-T becomes a binding contract on the “Effective Date.” The Effective Date is defined in paragraph 1(g) of Form 2-T. Two things must take place to form a binding contract according to paragraph 1(g): (i) all parties must have signed the offer (or initialed a counteroffer), and (ii) the party to whom the offer or counteroffer was made communicates that they have signed the offer (or initialed the counteroffer) to the party who made the offer (or counteroffer).

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