In Texas, oral agreements for the purchase of real property are not enforceable. There is such a thing as an oral lease, so real property can be rented (in most cases) upon an oral agreement, but we don’t recommend that either.
This one’s easy. A handshake deal doesn’t cut it. If you’re looking to buy land, whether it’s improved or unimproved, you have to make the deal in writing. Furthermore, the written instrument should make things clear. If the goal is to rent the real estate, the language of the written agreement should reflect that. If the goal is to buy the real estate, the written agreement should clearly indicate the intent of the parties to buy and sell.
What information is vital for a real estate sale? You should properly identify the land subject to the sale. The price should be clearly stated, and all necessary parties should consent to the sale. You won’t own a piece of land outright if you don’t get the signatures of every owner (or their authorized representative) on a written agreement to sell that property to you.
Unsure about how to buy or sell a piece of real property? Give us a call at (832) 305-7694.