The statute of frauds states that a contract for transferring ownership of real property must be in writing; otherwise, it is considered what?

The statute of frauds is a legal doctrine that requires certain types of contracts, including those involving the transfer of real property ownership, to be in writing to be enforceable. This statute was established to prevent fraud and perjury in the oral contract process, ensuring clarity and security in real estate transactions.

When a contract that falls under the statute of frauds is not put in writing, it is considered void. This means that it lacks legal effect, and neither party can enforce the agreement in a court of law. Thus, an oral contract for the transfer of real property rights does not create any binding obligations or rights for the parties involved.

Understanding this principle is crucial for anyone involved in real estate, as it underscores the importance of having written agreements to ensure that all terms are clearly defined and legally valid. In contrast, enforceability, legality, and formality of contracts hinge on adhering to these established legal requirements.