Contracts
For a real estate contract in Montana to be enforceable, it must be:
ANotarized by a licensed notary public
BIn writing and signed by the parties✓ Correct
CRecorded with the county clerk
DApproved by a Montana licensed attorney
Explanation
Under Montana's Statute of Frauds, contracts for the sale of real property must be in writing and signed by the parties to be enforceable.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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