The Sale or Purchase of Real Estate

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.

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