Statute of Frauds and Statute of Limitations for Real Estate Contracts
Statute of Frauds The statute of frauds requires that contracts conveying an interest in real property and contracts that are not to be performed within one year of the date created must be in writing and signed to be enforceable. An enforceable contract is a legally binding contract that the courts will recognize. Contracts covered by Florida’s statute of frauds include the following: Purchase and sale contracts Option contracts Deed and mortgage instruments Lease agreements for a term longer than one year Listing agreements for a term longer than one year Statute of Limitations The statute of limitations classifies the period of time during which the terms of a contract may be enforced. It protects people from being compelled to perform or otherwise be sued after a period of time has expired. The times vary, depending on whether it is an oral contract or a written contract: Written contracts -- five years Oral contracts -- four years Partly written and partly ...
