If you've ever watched a court television show, you've probably heard the phrase "get it in writing." It's good advice. How does it relate to your real estate transactions, though?
It is good to get your house sale contract in writing before agreeing to anything, much like any other agreement you enter into with another person. The parties' dispute of the terms to which they'd originally agreed is one of the primary reasons people end up in court. Since it clarifies the terms of the agreement, getting the contract in writing solves a lot of these problems. The risk of such a problem is far less as a result of a written contract, even if there still might be some discrepancies.
A state-specific statute of frauds consequently requires that certain written agreements and contracts be in writing. In addition, they must be signed by each respective party as an agreement to be bound by the contract in question. The Statute of Frauds requires certain specific contracts to always be in writing. Although they vary from state to state, one that almost always appears as a requirement is the sale or transfer of land.
In addition to being in writing, to meet the requirements of most states' statute of frauds laws the contracting parties must be identified in the writing. The writing must also detail the contract's subject matter so it is easily understood what has been agreed to, and any terms and conditions specific to the contract need to be listed. The Statute of Frauds' main purpose is, as you might guess from its name, to prevent a breach of contract or any form of fraudulent activity from occurring.
Be sure to check over the contents of the written contract the next time you're in the process of buying a home. Are the requirements of the Statute of Frauds met? Since it could be invalidated entirely by a court at a later point if it is subsequently disputed, you should insist it be revised, if not. Agreeing to purchase a piece of land with no written contract at all is also one big no-no, as it probably goes without saying.
It is good to get your house sale contract in writing before agreeing to anything, much like any other agreement you enter into with another person. The parties' dispute of the terms to which they'd originally agreed is one of the primary reasons people end up in court. Since it clarifies the terms of the agreement, getting the contract in writing solves a lot of these problems. The risk of such a problem is far less as a result of a written contract, even if there still might be some discrepancies.
A state-specific statute of frauds consequently requires that certain written agreements and contracts be in writing. In addition, they must be signed by each respective party as an agreement to be bound by the contract in question. The Statute of Frauds requires certain specific contracts to always be in writing. Although they vary from state to state, one that almost always appears as a requirement is the sale or transfer of land.
In addition to being in writing, to meet the requirements of most states' statute of frauds laws the contracting parties must be identified in the writing. The writing must also detail the contract's subject matter so it is easily understood what has been agreed to, and any terms and conditions specific to the contract need to be listed. The Statute of Frauds' main purpose is, as you might guess from its name, to prevent a breach of contract or any form of fraudulent activity from occurring.
Be sure to check over the contents of the written contract the next time you're in the process of buying a home. Are the requirements of the Statute of Frauds met? Since it could be invalidated entirely by a court at a later point if it is subsequently disputed, you should insist it be revised, if not. Agreeing to purchase a piece of land with no written contract at all is also one big no-no, as it probably goes without saying.
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