What is the basic requirement under the Statute of Frauds for real estate sold under contract?

The basic requirement under the Statute of Frauds for real estate transactions is that the agreement must be in writing. This requirement is established to prevent fraudulent claims and misunderstandings regarding promises made in the sale of real property. The written agreement must clearly outline essential terms such as the parties involved, the description of the property, and the price or consideration. This written format helps provide clarity and serves as proof of the agreement, ensuring that both parties are held accountable for their commitments.

The requirement for a written contract under the Statute of Frauds is essential because it protects against issues that may arise from verbal agreements, which can be easily disputed or misinterpreted. By necessitating documentation, the law aims to provide security and certainty in real estate transactions.