Question: Is a Verbal communication considered binding?
Answer: See section 23 of the REPC: ACCEPTANCE. “Acceptance” occurs only when all of the following have occurred: (a) Seller or Buyer has signed the offer or counteroffer where noted to indicate acceptance; and (b) Seller or Buyer or their agent has communicated to the other party or to the other party’s agent that the offer or counteroffer has been signed as required. This can be done by Email, Text or Phone call.
If an offer has been made and the other party verbally states that the offer has been accepted, but not signed, the Buyer may rescind their offer in writing prior to all the steps above being completed.