Real Estate Sales Form Contract For Be Enforceable Must
Description
How to fill out Pennsylvania Residential Real Estate Sales Disclosure Statement?
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FAQ
A contract can either be written or verbal, and while both can be legally binding, some contracts are required to be written in a designated format to be enforceable.
A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
A contract might also be deemed unenforceable if one or both parties misrepresented the facts of the contract, if there is a mistake in the contract, or if the contract violates the law in some way.
The Statute of Frauds dictates that a contract for the transfer of an interest in real estate must be in writing and must be signed by the party against whom the contract is being enforced. Otherwise, the contract is unenforceable.