Q: Does a handshake deal with, multiple witnesses and simple contrat have any legality with real estate?
The original owner has recently passed away. The property in question is about to go into probate. The execuiter has no doubt about our handshake deal with the property.
A:
Because it was a real estate deal, it needed to be in writing. I
Nevada’s statute of frauds is set forth in various sections of the Nevada Revised Statutes. It renders the following types of contracts unenforceable unless in writing and signed by the party against whom a claim is brought:
—Agreements that, by their terms, are not to be performed within one
year from their formation;
—A promise to answer for the debt of another;
—A promise made upon consideration of marriage (like a prenuptial agreement);
—A promise or commitment made by a person engaged in the business of
lending money or extending credit to loan or extend credit of at least
$100,000;
—A promise to pay a fee for getting a loan for another person, if the
fee is at least $1,000;
—All marriage contracts and settlements (like a stipulated divorce decree);
—All contracts for the sale of any real estate;
—Every grant or assignment of any existing trust; and
—A contract for the sale of goods for the price of $500 or more.
Source: http://lasvegastribune.net/contract-writing-enforceable/
Aseal F. Morghem agrees with this answer
A: It is a general rule almost no fail rule, that any transaction involving the sale of real property needs to be in writing. According to your question, you stated there was a simple contract, if this was in writing and there was some consideration given, then you may have a chance. If you do have something in writing, take it to a real estate lawyer to review it for validity.
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