Although real estate contracts are increasingly more elegant and complex (such as the newly revised 2-T Offer To Purchase And Contract in January 2011) for licensed realtors in residential real estate, the basic legal requirements for a valid contract are still the same. Anyone involved in real estate should be aware of the five legal requirements of a contract to not lose sight of the big picture while focusing on little details in the process of purchasing a home, in addition to the basic protocol of accepting an offer and communicating effectively to create a legal contract.
Real Estate Contracts: Definitions of Types of Contracts and Forms that Exist
A contract, by legal definition, is an agreement between two people that is legally enforceable (the most common example in real estate is a contract to purchase). Contracts in general discussion can be "express" in words (either written or oral) or "implied" from suggested conduct (such as ordering a meal in a restaurant with knowledge that protocol implies a check and payment will follow). In real estate, most often contracts are considered "express" and in writing.
A rule called the "Statute of Frauds" requires important real estate events (such as the buying/selling or transfer of conveyance/use of property) to be in writing to be legally enforceable in court. This includes all offers to purchase, as well as leases in North Carolina that are longer than three years (i.e. three years and a day). A lease that is less than three years is still wise to be in writing, but is not considered invalid or wrong if it is oral.
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