Under Alabama law, which of the following is required for a real estate purchase agreement to be enforceable against the seller?
Correct Answer
A) The agreement must be in writing and signed by the party to be charged
Under Alabama's Statute of Frauds (Code of Alabama §8-9-2), contracts for the sale of real property must be in writing and signed by the party against whom enforcement is sought. This is the foundational requirement for an enforceable real estate purchase agreement in Alabama.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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