What is required for a valid contract that conveys an interest in real estate?

A valid contract that conveys an interest in real estate must include a legal description of the property. This requirement is essential because it precisely identifies the land being conveyed, ensuring that there is no confusion about what is being bought or sold. The legal description provides a clear, unambiguous way to delineate the boundaries and specifics of the property, which is crucial in real estate transactions where the stakes can be significant.

While verbal agreements may establish some level of understanding, they are not sufficient for real estate transactions, where written documentation is necessary to uphold legal standards and provide clear terms. Moreover, a detailed financial plan, while important in the broader context of a real estate transaction, is not a requisite element for the validity of the contract itself. Lastly, while obtaining a signature from a witness can add an extra layer of validation to a contract, it is not a requirement; the signatures of the parties involved in the agreement hold more precedence. Thus, the inclusion of a legal description is the cornerstone for defining what property is being legally transferred.