he Statue of Frauds, the plaintiff might say. So if
enacted in similar form in there is some other evidence that
every state, prohibits the an actual agreement to sell real
enforcement of a sale of real estate did exist, then you might
estate supported only by an oral be able to enforce the sale
contract. Many people don’t (known as “specific performance”)
realize that there are many or collect damages (based on
transactions that can indeed be something called “estoppel”) for
legally binding based on an oral the failure of the sale. If one
contract, but the sale of real of the parties to the alleged
estate isn’t one of them. real estate sales contract
performed a sufficient part of
Or is it? the alleged terms, that might be
enough to convince a court that
If you screwed up on this one there really was a contract and
(didn’t sign a contract at all, to enforce it.
or lost your only copy), a good
lawyer might be able to help you Ah, but that word “sufficient” is
get around the Statute of Frauds. a tricky one – after all, how
The purpose of the Statute of much is enough? Courts don’t
Frauds is, as the name indicates, always agree on this one, but
to prevent fraud. The idea is some of the factors tat they will
that since it’s unlikely that likely consider are payment of
anyone would sell something as the purchase price, delivery of
important as real estate without possession to the buyer, and any
even bothering with a written improvements made by the buyer to
contract, then an oral contract the property.
doesn’t provide enough evidence
for the court to conclude that a Keep in mind that if you can
sale was intended, no matter what prove that you paid the seller of
real estate $25,000 and the court price). As well, if the market
decides that that’s not enough to value of the house is more than
establish the existence of a real what you agreed to pay for it,
estate sales contract, they’re they won’t make the seller pay
not likely to just tell you to go the difference, as they likely
away – assuming that the seller would if they found that a real
cannot establish that you gave estate contract did indeed exist
him a large cash donation or that and decided to grant you damages
he gave you something in return instead of specific performance.
for your money, you’ll likely get
your money back. It’s just that DISCLAIMER: The following is
they won’t force the seller to intended for reference only and
transfer the real estate to you not as legal advice.
(and you won’t be required to pay
the remainder of the purchase
About the Author:
Real Estate Law in Plain English explains real estate law without the legalese.
Read more articles by:
Bob Miles
Article Source: www.iSnare.com 
