Question

Mike agrees to pay $200,000 for sarah's house. sarah wants to transfer her right to the ownership of the house to valery, her niece.

O this transfer is prohibited.
O may be oral or written.
O must be implied.
O must be in writing.

Answer 1

Legally, the transfer of property rights, such as those from Sarah to her niece Valery for the house, must be in writing due to the Statute of Frauds. This applies to real estate transactions to prevent misunderstandings and ensure enforceability.

Step-by-step explanation:

The question concerns the legal requirements for transferring property rights. Specifically, it asks what the nature of the agreement should be when Sarah wishes to transfer her property rights to her niece Valery, after agreeing to sell her house to Mike for $200,000. According to the Statute of Frauds, significant contracts, such as those for the sale of real estate, must be in writing to be enforceable. This requirement aims to prevent fraud and misunderstandings in substantial agreements such as real estate transactions.

The information provided in various specific real estate scenarios, including the value and equity of houses owned by Freda, Frank, and Ben, illustrates the financial dynamics of property ownership and transfer. Examples of how the value of a property is independent of the purchase price or the remaining mortgage, and how equity is calculated, are central to understanding real estate transactions.

In conclusion, the transfer of property rights, like the one Sarah intends for Valery, cannot be oral and must be in writing to be legally binding. This ensures that all parties have clarity on the terms of the agreement and that there is an official record of the transaction.