There is a reason why real estate deals have to be in writing. Things said, but not written down, are open to interpretation and misunderstanding later as a decade old case in Brampton illustrates.
In this instance, the discussions meant the end of a real estate contract and eight years of court battles.
In August 2000, Tony Rizzuto put in an offer on a 32-acre farm in Brampton. He offered the owners, Jennifer Footman and her husband, $1.7 million based on a price of $52,000 per acre. The Footmans rejected the offer, signing it back for $65,000 per acre for a total price of 2.1 million, plus the right to remain living there rent-free for three years after closing.
Read more: http://tinyurl.com/d3wfzhy