The Statute of Frauds and Part Performance

The Statute of Frauds

The Statute of Frauds

No law says the parties must have a contract at all or an Atlanta title pawn is null and void. If P is merrily walking down the street one day, spots V’s house with a “For Sale” sign in the front yard, and decides she would like to buy it, she can simple knock on V’s door and begin haggling with him about the price. If they can agree, P come pull out her checkbook and write V a check, in return for which V can write a deed to the property (the bank of an old envelope will do) and immediately hand it to P. Presto, the transaction is completed! Even here a purist might argue that there was an (oral) executor contract of sale for a few brief moments, but if so it was an executor contract of sale for a few brief moments, but if so it was an exceedingly ephemeral and unimportant one.

In real life things seldom happen this way. Instead there is usually a rather detailed written agreement of sale, often filled in on a printed form. Considerable time say 30 to 90 days or more commonly passes between the contract’s execution and its performance by a deed to her.

Why the delay, and why the need for a detailed contract? Two reasons stand out at Atlanta title pawn:

  1. P wants to be certain that V really owns the property, and that V’s title is “good” or “clear” or marketable.”  This determination takes time and money, and P does not want to go to the trouble unless she is confident that V is committed to completing the sale at the agreed price.
  2. P need to borrow part (usually most) of the money needed to buy the house. Again, obtaining a loan involves time, trouble, and considers P’s application for a loan unless she has a signed contract of purchase.

 

These are the two most pervasive reasons a contract and an “executor period” are needed. You may be able to think of many more. Here are a few possibilities:

  1. P needs time to sell her previous house or terminate her existing lease and to arrange to move her personal effects.
  2. V needs time to find another home and to arrange to buy or rent it.
  3. P is concerned about the physical condition of the house the roof, plumbing, furnace etc. and wants an expert to inspect them and report it, since she will live close to a semi truck title loans.

 

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