Final answer:
To be binding on the buyer and seller, a contract for the transfer of real property must meet specific requirements: it must be in writing and signed by both parties, include a description of the property, the purchase price, and other agreed-upon terms, and be supported by valid consideration.
Step-by-step explanation:
In order for a contract for the transfer of real property to be binding on the buyer and seller, it must meet certain requirements. The contract must be in writing and signed by both parties involved. Additionally, it must include a description of the property being transferred, the purchase price, and any other terms and conditions that have been agreed upon. Lastly, the contract must be supported by valid consideration, which means that both parties must receive something of value in exchange for their promises.