Question: I had a verbal agreement for the purchase of a home. Both parties had filled in the real estate contract including purchase price and earnest money amounts. All we had to do was to get together again to SIGN the contract and give the earnest money. The seller called me tonight and said the deal was off. Didn't we have a deal?

Answer: Nope. In real estate contracts must be in writing. There must be an "offer" and "acceptance" and there must be "consideration" such as a deposit. "Acceptance" in this case did not occur because there is no signature.

In your case what you had was a friendly chat and a bunch of paper. What you heard may not have been what the seller heard. Without signatures on a piece of paper there is no way to know what was accepted and what was not.

While the purchase price and the earnest money are important, they are just a few of the items which a typical real estate agreement might cover.

For instance, how was the title guaranteed, if at all? Who will pay points at closing? Does the washing machine stay or go? The list goes on and on. For your benefit, and for the seller's, the entire transaction must be committed to paper, otherwise you could wind up with costly debates for years to come.

Question: My home was bought under the NO DOWN PAYMENT through HUD. I am three months behind due to a domestic violence situation and losing of my job. I am a single mother of 35 with two children. I have tried working with my lender but they are so bad to me on the phone and refuse to help me work with the HUD Counseling Program.

I have thought of many ways to at least get out from under the home without losing it. One was the counseling ... just get the round around ... then my Mom suggested that we try and sell it but I don't know what would happen to the down payment that was given for the loan? If that has to be paid back I will be further in debt?

Answer: Contact the nearest HUD counseling office in your state. This can be done by clicking here or by calling (800) 217-6970.

As to selling the home, the cash you get out of it -- if any -- depends on the selling price and your transaction costs.

In addition to counseling and selling, consider renting a room to a boarder or, if loan program rules allow, renting the entire property.

Question: I own a condo which has a no-pets policy. I can understand this policy for renters but am wondering if it is reasonable for owners. Now the homeowners association is choosing to enforce the pet policy and is increasing the penalties. Do I have any ground to stand on in opposing this policy and refusing to pay the penalties? As a property owner, can they prevent cats in my home when they have never created a nuisance?

Answer: When it comes to pet policies there should be no distinction between an owner and a non-owner. Surely the pet does not know the difference.

The issue should be occupancy -- if you live in a given community you have agreed to abide by certain rules. If the rules say "no pets" then that is what you have accepted.

Is the pet rule now unenforced? Do your animals live with you open and notoriously? If yes, you may be able to argue that your current animals are actually grandfathered and okay under the existing rules.

Question: I signed a contract to build a home with a well-known builder. Their brochures state that the home has 3,300 square feet of living space. However, when I went to the design center to select my options, I got a chance to look at the blueprints and they show that the home has only 3,100 square feet.

This builder has been building for years and should have known this. I informed my sale representative about the tremendous difference in the size and she just told me that she was going to check with headquarters. They just told me "thanks for the information," printed out new brochures and updated their website with the correct approximate square feet.

When I signed the contract, I based my decision on the price and square feet they offered compared to other builders. Now it looks like I would of been better off by selecting another builder. Am I not owed an adjustment?

Answer: The size of a home can be debated -- do you measure outside wall to outside wall, or inside wall to inside wall? Do you count basements and garages? Do you only count livable space and not just plain-old space?

That said, if the builder has changed ad materials to conform with your views, you and he would be wise to work out a quiet settlement. Here's why: This is an experienced builder. They have sold homes before. Previous buyers relied on the builder's written representations regarding size. If you make a claim and your claim is successful there could be others.

Keep the old and new brochures. Do they say that measurements are not guaranteed? Does your sale agreement mention square footage? Discuss the matter with the builder -- perhaps some upgrades or cost reductions would be appropriate. Alternatively, sit down with a real estate attorney to determine your rights.

Question: I'm a real estate student and have a question: What are the ethical guidelines for me to follow in dealing with a first-time homebuyer?

Answer: Real estate professionals are bound by several sets of ethical requirements. First, state laws contain a series of do's and don'ts. Second, professional groups to which you may belong also have codes of ethics. Third, and perhaps most importantly, we each have a personal moral code which guides our relationships with others.

In the case of first-time buyers I would argue that brokers and salespeople must be especially vigilant. Why? The buyer lacks experience, is particularly dependent on the broker and is making decisions which will impact his or her life and lifestyle for many years.

Question: What is a "sellers" market? What is a "buyers" market?

Answer: A "sellers" market represents a time and a place where there is great demand for homes. The result is that prices are rising, days on the market are limited and offers are sometimes made with few if any contingencies.

Alternatively, in a "buyers" market home prices are stable or actually declining, owners make concessions to attract purchasers and homes may linger on the market for weeks or even months.

Question: I signed a lease for an apartment using a broker and my move in date was Sept. 1st. I gave the landlord some extra time to clean and paint the apartment since the tenants were leaving on Aug. 31st; this was done through the broker. When I received the keys the first thing I did was take a look at the apartment and I found some things that needed to be fixed (refrigerator, carpet was stained, window, etc.). I called the super and he said he would take care of them. I returned to the apartment almost a week after and nothing was completed, so I called the super to see what the story was.

He was rude and claimed that he wasn't going to do anything and then he said, "Do you know who you are messing with? I can make your life hell for the next year!" Following this I called the landlord and left a message. He called me today and said that he was willing to let me out of the lease. The problem is the real estate broker doesn't agree with this and doesn't want to return my fee. Do I have any legal rights?

Answer: You paid a broker to locate an apartment. You inspected the property and signed the lease, evidence of acceptance. If the repairs were noted within the lease then you could argue that all lease terms were not met and therefore the transaction was unfinished. If they were not in the lease, then it seems difficult to say that the broker has any further responsibility.

You have a tough situation. The owner has given you an out. Take it and find another place.

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Published: September 17, 2004

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