Quick question about selling property

[Robbob]

Land sales have to be written correct? Is it possible to have a verbal contract to sell a home or property?

[Sylvanfan]

I'd go with a written agreement myself, and get a lawyer to draft it up and look at it. This is something you don't want to cheap out on to save yourself a couple hundred bucks because you can get burned for a lot more if you don't.

[Robbob]

I'm just wondering in general. I would draft a written for sure. Those realestate purchase/offers are considered binding contracts right?

[trew]

As far as I know, real estate transactions don't happen until a written transfer is processed. You can't just get two people to walk into a land titles office and ask to switch ownership. There is paperwork and process, almost always involving a lawyer.

Also, I believe the contracts that real estate agents offer, are really an agreement to get into an agreement. They outline terms, and damages that occur should one of the parties fail to perform. Even with these, the real transfer happens when the lawyers get involved.

[Robbob]

That makes sense.

[Robbob]

I did some digging and apparently according to the statute of frauds land deals need to be in writing. I'm pretty sure there may be some exceptions with some of those crazy lawyers (j/k Troutman).

Well I guess you learn something every day. Crazy britsih common Law.

[troutman]

^^^^

Correct. Must be in writing (goes back to Statute of Frauds).

Be careful drafting contracts - most contracts we see are probably unenforceable because they are not filled out properly.

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