What is the implication of a verbal agreement that includes a deposit?

A verbal agreement that includes a deposit typically falls under the category of informal contracts. While a deposit may indicate an intention to create a binding agreement, verbal agreements are generally not enforceable when it comes to real estate transactions, which often require written documentation due to their complexity and the legal implications involved.

In many jurisdictions, including Florida, the law requires real estate agreements to be in writing to be enforceable. This is rooted in the Statute of Frauds, which mandates that certain types of contracts, such as those relating to the sale of real estate, must be documented in writing and signed by the party to be charged. Thus, without written confirmation of the agreement, even a verbal commitment, accompanied by a deposit, wouldn’t suffice to create an enforceable contract.

Having a lawyer involved does not change the requirement for written confirmation in this context; the enforceability hinges on the existence of a written document that outlines the agreement's terms. Hence, while parties may intend to move forward based on a verbal agreement, they need a formal written contract to ensure the agreement is legally binding and enforceable.