Important Fact Regarding Contracts Involving Land

Important Fact Regarding Contracts Involving Land

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Important Fact Regarding Contracts Involving Land
Under the Statute of Frauds, a land contract cannot be enforceable unless it is written down. It also must contain all the other regular requirements for an enforceable contract.
A property contract that calls for the property under discussion to be leased for three months would not be subject to the Statute of Fraud because it does not involve the exchange of the title to the property and is of short enough duration so as to not violate the one year rule. If the lease is for a period greater than twelve months, however, then the contract must be in writing.

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