Contracts
Montana's Statute of Frauds requires that real estate contracts must be:
ANotarized
BWitnessed by two people
CIn writing and signed by the party to be charged✓ Correct
DRecorded with the county clerk
Explanation
Montana's Statute of Frauds (MCA Title 28) requires that contracts for the sale or transfer of real property must be in writing and signed by the party against whom enforcement is sought.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Math Concepts
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