Statute of Frauds — Why Everything Must Be in Writing

The Statute of Frauds requires certain contracts to be in writing to be enforceable. Real estate contracts are specifically included.

Real estate contracts that MUST be in writing:

Purchase and sale agreements

Listing agreements (in most states)

Lease agreements over 1 year

Deeds

Mortgages and deeds of trust

Contract status terms:

Valid — meets all legal requirements; fully enforceable

Void — no legal effect; cannot be enforced by either party (illegal purpose, no consideration)

Voidable — can be enforced or rejected by one party (minor signing, fraud, duress)

Unenforceable — technically valid but courts won't enforce (verbal real estate contract)

Novation: Replacing an old contract with a new one, or replacing one party with another. Old contract is extinguished.

Assignment: Transferring contract rights to a third party. Unless prohibited, contracts can be assigned. The original party may remain liable.

Reference:

Wikipedia: Statute of Frauds

https://en.wikipedia.org/wiki/Statute_of_frauds