Find Laws Find Lawyers Free Legal Forms USA State Laws
Home » Find Laws » Real Estate Laws » Real Property » Acquiring Real Property » The Sale or Purchase of Real Estate

The Sale or Purchase of Real Estate

Sale Or Purchase

The Statute of Frauds, which is implemented in many states, declares that certain contracts must be in writing in order to be enforced. The categories they require to be in writing are: a contract to answer for the debt of another person, an agreement made on consideration of marriage, any agreement which is to be performed after a period of one year, and the contract for the sale of land or any interest in land.

When a contract is being formed, the rules and regulations that govern the purchase of property are designed in the best interest of both the buyer and the seller. Each party has actions they may take if the other party fails to perform its duties as stated within the contract. The need of an attorney for both parties is highly recommended and required in order to oversee the process from each end, and to ensure the legality of the terms and fairness during the purchase of property.

NEXT: The Secrets of Real Estate Closings

Related Articles

Link To This Page

Comments

POPULAR IN REAL ESTATE

Moving Tips
REAL ESTATE
Moving Tips
Affordable Housing
REAL ESTATE
Affordable Housing
Find an NJ Lawyer
Guide to Finding a Lawyer
Tips