Do contracts for the sale or purchase of commercial real estate have to be in writing?
Yes. A real estate agreement that consists only of an oral understanding and a handshake will not be enforced by a court. An ancient law called the Statute of Fraud requires that real estate sales contracts be in writing.
A contract does not have to very fancy to be valid. If it describes the property and the price, it usually will be enforceable in court. Obviously, however, it is not a good idea to rely on a bare-bones contract when you purchase commercial real estate. You need much more detail.
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