What does the Statute of Frauds require?

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing in order to be enforceable in a court of law. The main purpose of this statute is to prevent fraud and misunderstandings that can occur from oral agreements, which can be difficult to prove.

Under the Statute of Frauds, specific contracts, including those related to the sale of real estate, leases longer than a year, and agreements that cannot be completed within one year, must be documented in writing. This ensures that there’s a clear and definitive record of the terms agreed upon by the parties involved.

Understanding this requirement is crucial for anyone working in real estate or property management, as it directly impacts how leases and sales agreements are drafted and enforced. It emphasizes the importance of having proper documentation in the leasing process, which safeguards the interests of all parties involved.