Arizona Certain Estate Contracts and the Code of Frauds
General customary of Arizona business agreement code simply hope for the continuance of an offer, acceptance, consideration, and sufficient specificity of the terms in course to retain an enforceable contract. This is exact if or not the parties comp away the terms and/or indication a written document.
This is not the dispute when the contract concerns the sale of factual property. There, the Decree of Frauds as codified in Arizona (ARS 44-101(6)) demands that contracts for the sale of evident belongings be written and signed in trail to be enforceable.
It is essential to note, however, that the Arizona courts chalk up consistently held that lone the signature of the "party to be charged" is required. In other words, the contract must be signed by the crowd against whom enforcement is sought nevertheless does not necessarily get to be signed by the charging party. For example, a seller of actual estate who never signed the sales contract may successfully manage an bustle against a buyer who did message the contract.
The parties to an Arizona certain estate contract should extremely call up that any amendments to the contract must too be written and signed to be enforceable. Since of the requirements of the Principle of Frauds, parties buying or selling valid estate in Arizona are advised to require written confirmation of all the terms and conditions of the bodily estate transaction. Frequently, agents and brokers may dash off representations and assurances to buyers and sellers and propose that a written altering is unnecessary. Buyers and sellers should avoid the temptation to rely upon such assurances and effect that all crucial things are reduced to writing and signed by the other party.
Unfortunately, copious Arizona absolute estate contracts are not written and/or signed and one or else parties bargain themselves with a entail to seek relief from another party. Whether you asset yourself facing such a direction you should consult with an experienced Arizona existent estate solicitor as soon as practicable to complete whether an exception to the Code of Frauds might apply, or provided some other legal recourse is available.
Kevin R. Harper is an Arizona real estate and business litigation attorney, representing individuals and small businesses throughout the state of Arizona from his centrally-located office at 1 N. Central Ave., Suite 1130, in downtown Phoenix.
For more information about Arizona real estate law, feel free to contact Harper Law PLC at 602-738-2090, or visit the firm online at http://www.HarperLawArizona.com
Copyright 2008 Harper Law PLC, all rights reserved.
The above article is designed for informational purposes only and, because every situation is different, is not intended as definitive legal advice. You should not act upon this information without seeking independent legal advice about your individual situation.
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Added: June 21, 2008
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