How Do You Write A Land Purchase Contract?
The vast majority of land transfers are preceded by contracts of sale. The Statute of Frauds, a common law doctrine, governs the creation of land purchase contracts and provides that the writing contain all “essential terms” of the contract. Generally, if the requirements of the Statute of Frauds have not been satisfied, the contract is unenforceable. Although the Statute of Frauds is fairly uniform throughout the United States, it is important to consult with an attorney in the jurisdiction where the land is located to ensure that all proper legal requirements will be met. Step 1 Identify the contracting parties. Both the buyer and the seller must be identified in the written agreement. Step 2 State the consideration. The consideration is what is given in exchange for the property. The vast majority of land contracts involve money given in exchange for the property. Although some courts will imply a “reasonable price” or “market price” if no price is stated in the contract, the specif
