Real Estate Contracts Must Be In Writing
Generally speaking, contracts between individuals can be made orally or in writing. The practice of reducing a contract to writing is simply a way of creating evidence of that contract and its terms and conditions. However, contracts that deal with land or interests in land receive special treatment. For various reasons, including the historical significance of land and its commercial value, contracts that deal with land or interests in land, such as contracts of purchase and sale, leases, mortgages and easements, must be (1) made in writing and (2) signed by the individuals that are parties to them in order to be enforceable. These requirements arise out of the Law and Equity Act and are well entrenched in our legal heritage.
This article courtesy of
Bull, Housser & Tupper LLP