In Pennsylvania, the Statute of Frauds requires that real estate contracts be in writing. Which of the following contracts is subject to this requirement?
Correct Answer
B) An agreement to sell a residential property for $200,000
Under the Statute of Frauds in Pennsylvania (33 Pa.C.S. §1), agreements for the sale of real property must be in writing and signed by the party to be charged. A $200,000 residential sale agreement is clearly subject to this requirement.
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Michael, a broker in Pennsylvania, holds a $15,000 hand money deposit in escrow. After the transaction falls apart, both the buyer and seller claim entitlement to the deposit. What should Michael do?
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