What constitutes a binding real estate contract?
Question Details: I signed a paper agreement with an investor regarding the sale of my house; it was typed on a computer and titled "Agreement to purchase real estate". The closing was contingent on the outcome of his inspection and on an agreed price. My tenant now tells me that she is interested in purchasing the house and made a way better offer. Can I back out of the first deal?
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A written agreement to sell a house to a given person for a price set in the agreement is a binding contract, even if it was drawn up by either the buyer or seller, or even if it were handwritten: there is no requirement for some specific or official form. A written agreement to sell for a given price: that forms an enforceable contract.
However, we are not 100% clear on what you mean that is was "contingent ...on an agreed price." If the price was agreed on, then, as per the above, the contract is binding. But if there was no pricve yet set in the document, then it is NOT a binding contract, because there is no agreement as to "material" (important, or in this case, critical) term, and the two of you might not be able to ever agree on the price, thus never forming a contract. So if what you meant is that the price is to be determined later, there is no contract yet, and you could sell to your tenant.