Contracts
The Statute of Frauds requires that real estate contracts be:
ANotarized by a licensed notary public
BIn writing and signed by the parties to be bound✓ Correct
CApproved by a licensed attorney before execution
DRecorded in the county recorder's office
Explanation
The Statute of Frauds requires that contracts for the sale of real estate be in writing and signed by the party to be charged (the party against whom the contract will be enforced). Oral real estate contracts are generally unenforceable.
People Also Study
Related Pennsylvania Questions
- Pennsylvania's Statute of Frauds requires real estate contracts to be:Contracts
- In Pennsylvania, what is the 'statute of frauds' and how does it apply to real estate contracts?Contracts
- In Pennsylvania, the Statute of Frauds' requirement as applied to real estate contracts means:Contracts
- A real estate contract signed under duress is:Contracts
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.
Math Concepts
Study This Topic
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →