In New York, a contract of sale for real property must be:
Question & Answer
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Oral only
Oral contracts for real property are unenforceable under the Statute of Frauds. While some contracts can be made orally, real estate transactions require written documentation to prevent fraudulent claims and provide clear evidence of the agreement terms.
In writing to be enforceable
Notarized
Notarization provides authentication but is not required for a real estate contract's enforceability. A contract can be valid without being notarized, though notarization may be necessary for recording purposes.
Recorded
Recording a contract provides public notice but is not required for its enforceability between the parties. A valid contract exists once properly executed in writing, regardless of whether it's recorded.
Why is this correct?
Option B is correct because the Statute of Frauds, which applies in all states including New York, mandates that contracts for the sale of real property must be in writing to be enforceable in court. This requirement protects parties by ensuring there's tangible evidence of the agreement.
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