What must contracts for the conveyance of real estate or leases over one year comply with?

Contracts for the conveyance of real estate or leases extending beyond one year must comply with the Statute of Frauds. This legal doctrine requires certain types of contracts to be in writing and signed by the parties involved to be enforceable. Specifically, the Statute of Frauds was established to prevent fraud and perjury in the enforcement of agreements that are significant in nature, such as those involving real property.

In the context of real estate, the Statute of Frauds mandates that any contract for the sale of land or a lease that lasts longer than one year must be documented in writing. This ensures that both parties have a clear, unequivocal record of their agreement, which can be reviewed in case of disputes.

Other options, such as the SAFE Act and RESPA, deal with different aspects of real estate transactions, particularly those concerning financing and disclosures, but do not specifically address the requirements for the validity of contracts related to the conveyance of real estate or long-term leases. The Statute of Limitations, on the other hand, pertains to the time frame within which legal actions can be initiated and does not govern the formalities of contract execution.