What law requires that most real estate contracts must be in writing?

The requirement that most real estate contracts be in writing is established by the Statute of Frauds. This legal principle is rooted in the need to provide clear, tangible evidence of the agreement between parties involved in significant transactions such as the sale or lease of real property. The Statute of Frauds helps to reduce the risk of fraudulent claims and misunderstandings, ensuring that the terms of a contract are clearly documented and enforceable in a court of law.

Real estate transactions typically involve substantial financial commitments and long-term obligations, which is why the law mandates written agreements. This requirement protects both buyers and sellers by establishing a formal record of what has been agreed upon, including essential terms such as price, property description, and conditions of sale.

Understanding the Statute of Frauds is crucial for anyone involved in real estate, as oral agreements in these areas are often unenforceable, and relying on verbal commitments can lead to disputes and complications. Other laws mentioned, such as the Real Estate Licensing Law and the Statute of Limitations, address different aspects of real estate but do not specifically require contracts related to property transactions to be in writing.