Under Maryland law, which of the following is required for a residential real estate purchase agreement to be legally enforceable?
Correct Answer
A) The agreement must be in writing and signed by both the buyer and the seller
Under Maryland's Statute of Frauds, contracts for the sale of real property must be in writing and signed by the parties to be bound in order to be enforceable. A purchase agreement that is signed by both buyer and seller satisfies this foundational requirement. The written, signed agreement creates a binding contract between the parties without the need for notarization, recording, or MREC approval.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
- → In Rhode Island, a licensee submits a written purchase or lease offer to an owner. Which statement is correct?
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- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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