every state has a version of the Statute of Frauds, either in its case law or codified in the property code. by the way, the SOF is a misnomer. its not about fraud. its about a written instruments for real estate transfers.
almost any agreement concerning interests in real estate must be in writing to be enforceable. there are exceptions, but they will be state-specific.
but note: what constitutes a writing? don’t necessarily have to have a formal contract. scribbled notes on a cocktail napkin can satisfy the statute, if signed and dated and…
and if there is an established course of dealing between the particular buyer and seller, or an industry custom, these can help elucidate what was scribbled on that cocktail napkin.
Posted by M Holland on October 30, 2007 at 08:16:53:
Is a verbal agreement (along with a gentleman’s handshake) legally binding in the state of Georgia?
Seller verbally agreed to sell to buyer at a set price with a handshake and then backed out of the deal a week later after having a lawyer draw up a written contract with the same specs as the verbal agreement. (Written contract was never signed).
Posted by jammer35 on October 31, 2007 at 20:11:08:
Here’s what Google got me in less than a minute.
OFFICIAL CODE OF GEORGIA - Statute of Frauds
’ 13-5-30 - To make the following obligations binding on the promisor, the promise must be in writing and signed by the party to be charged therewith or some person lawfully authorized by him:
(2) A promise to answer for the debt, default, or miscarriage of another;
. . .
(4) Any contract for the sale of lands, or any interest in, or concerning lands;
(5) Any agreement that is not to be performed within one year from the making thereof;
(6) Any promise to revive a debt barred by a statute of limitation.
’ 13-5-31 - The provisions of ’ 13-5-30 do not extend to the following cases:
(1) When the contract has been fully executed;
(2) When there has been performance on one side, accepted by the other in accordance with the contract;
(3) When there has been such part performance of the contract as would render it a fraud of the party refusing to comply if the court did not compel performance.
Posted by Rich-CA on October 30, 2007 at 13:17:13:
Even in states where a verbal agreement is binding, proving there was an agreement and then going on to prove its contents is more difficult and in some cases impossible.