Contracts
The Statute of Frauds requires that real estate contracts be:
ANotarized to be valid
BIn writing and signed by the party to be charged✓ Correct
CWitnessed by at least two people
DFiled with the county recorder
Explanation
The Statute of Frauds requires contracts for the sale or transfer of real property to be in writing and signed by the party against whom enforcement is sought. An oral agreement to sell real estate is generally unenforceable.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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