Under the Statute of Frauds, real estate contracts in Idaho must be:
Correct Answer
B) In writing and signed by the parties to be charged
Idaho's Statute of Frauds, codified in Idaho Code § 9-505, requires that contracts for the sale of real property must be in writing and signed by the party to be charged in order to be enforceable. This requirement protects against fraudulent claims of oral agreements involving real estate. Witnesses, attorney review, and court filing are not required for enforceability.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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.
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