If I am selling to family member, what documents do I need?
Full Question:
selling mom,s house to brother-in-law under contract for deed... do we need to complete a purchase agreement as well
01/07/2009 |
Category: Real Property ยป Deeds |
State: Minnesota |
#14939
Answer:
A writing for the sale of land must contain at least an express statement of consideration, a description of the land, signed by the party to be bound, and the parties to the contract. The statute of frauds is a state law that requires certain contracts, and/or transfers of interest in real estate to be made in writing in order to be enforceable in a court of law. Cases have found a deed to be insufficient as a contract that satisfies the statute of frauds requirement. It is strongly recommended to complete a sales contract apart from the deed to specify the terms of the sale and avoid future litigation.
