· Statute of Frauds requires that all real estate contracts of sale or exchange be written and contain all of the essential elements for a valid contract. A contract will be unenforceable if it does not satisfy the Statute of Frauds
· Earnest Money: Although most offers to purchase are accompanied by earnest money, earnest money is not legally required for a valid offer to purchase. Earnest money serves to:
o Show the sincerity of the buyer;
o Demonstrate the buyer's financial capability to raise the money called for in the agreement; and
o Serves as possible liquidated damages to the seller in the event of default by the buyer.