If there is a house that has a typo online regarding the asking price, are they legally binded to that price?

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If there is a house that has a typo online regarding the asking price, are they legally binded to that price?

There is a home listed for 1M that clearly is worth 2-3M. I thought I heard somewhere that if it was a typo and listed for a price and is not corrected they are stuck with the price.

Asked on September 17, 2019 under Real Estate Law, Minnesota

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

The FTC (Federal Trade Commission) mandates that all advertising be "truthful and non-deceptive". Deceptive advertising is defined as containing an inaccurate statement that may affect a customer's buying decision. However, misprints in advertising can and do occur on the part of the advertiser or the publication. In such a case, the FTC makes it clear that an honest mistake in an ad need not be honored.

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Since you are aware of the incorrect price, you cannot enforce a contract with that mistake against the seller.
If you did not know and had no reason to know of the mistaken term and entered into a contract, you could enforce the mistaken term against the seller.


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