Broker Beware?

By: Erica Stutman

While oral contracts are often enforceable, certain categories of contracts must be documented in a signed writing or an action for breach of the contract will be barred by the statute of frauds.  See A.R.S. 44-101 for Arizona’s statute of frauds.  The statute of frauds plays an important role in real estate transactions, as agreements for the sale of an interest in real property and for leases longer than one year fall within the statute, as do most real estate broker or agent agreements.  A less obvious category that may affect a real estate agent or broker’s ability to collect commissions is an agreement which is not to be performed within one year from the date the agreement is made.… Read More »

Author: Erica Stutman | Leave a comment Tagged , , , , , ,

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