Under the Statute of Frauds, real estate contracts in Mississippi must be:
Correct Answer
B) In writing and signed by the parties to be bound
The Statute of Frauds requires that contracts for the sale of real estate must be in writing and signed by the party to be charged (or their authorized agent) in order to be enforceable. In Mississippi, oral real estate contracts are generally unenforceable under this doctrine. Witnesses, attorney preparation, and court filing are not required by the Statute of Frauds for a contract to be valid.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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.
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