Under Nevada law, which of the following is required for a real estate purchase agreement to be enforceable under the Statute of Frauds?
Correct Answer
A) The agreement must be in writing and signed by the party to be charged
Under NRS Chapter 111 (Nevada's Statute of Frauds as applied to real property), contracts for the sale of real estate must be in writing and signed by the party against whom enforcement is sought. This is the foundational requirement for any enforceable real estate purchase agreement in Nevada.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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