Question

*Business Law

As a business owner:

You will need a place, of course, to conduct your business. This will require securing real property. Describe how you will secure real property for your business. How will the statute of frauds affect the transfer of real property rights to your business?

Answer 1

How to secure real property for business ?

Sale and transfer of real property e is governed by the state laws .

To secure real property for business the following conditions must be fulfilled:-

1) the sale or transfer of real property should be done through a written instrument .

2) the contract formed for securing legal rights and obtaining title to the property must be valid and legally binding.

3) the contract must clearly mention that this real estate deed is pertaining to transfer of title to another person.

4) the contract formed between the parties must be enforceable.

5) the consideration which require mutual exchanges of promises and obligation to make a contract legally binding should be real and legal in the eyes of law .

6) the Transfer of Property deed must be signed by both the parties- the seller of the property as well as the buyer of the property.

7) the deed must be recorded with local land records office, register of deeds or circuit Court. Notice to the local authority provides complete right to the ownership of the property.

How statute of frauds affects the transfer of real property ?

the statutes of fraud is a doctrine of law that requires contract for the sale of real property to be and writing and signed by the person to be incharged in order for the enforcement of the above contract.

However there are certain exceptions to the the doctrine of statute of frauds where enforcement will take place irrespective of the written document is signed or not . These are mainly concerned with the part performance of the contract.

1) The buyer is in possession of the property .

2) The buyer has paid all or part of the consideration.

3) the buyer has made some valuable and permanent improvements in the property with the consent of seller number .

4) facts support that transaction that took place was completely done to deceive the buyer and the enforcement of the contract will be in best interest of the buyer.