Why are Real Estate Contracts in Writing?
The answer is the Statute of Frauds. The purpose of the “statute of frauds” is, as the name suggests, to prevent injury from fraudulent conduct and misunderstandings that can occur with oral contracts. The statute of frauds doctrine comes from an English rule dating back to the 1600’s that require certain types of contracts to be in writing or else they are not enforceable in court actions.
The Connecticut Statute of Frauds lists the types of agreements that must be in writing and one of them is “any agreement for the sale of real property or any interest in or concerning real property.”
Not only do agreements for the sale of real property have to be in writing, but they also have to contain the contract’s essential terms. These essential terms are:
a. The price;
b. The parties to the contract;
c. The land
Although a contract that doesn’t satisfy the “statute of frauds” would not be void, it would be voidable by one of the parties in the event that the party does not wish to follow through on the agreement.
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