What is required for real estate contracts to be enforceable?

For a real estate contract to be enforceable, valid consideration is essential. Consideration refers to something of value that is exchanged between the parties involved in the contract, such as money, services, or goods. It is the fundamental element that differentiates a contract from a gift. Without valid consideration, a contract may be deemed unenforceable because it lacks the mutual consent and obligation that are critical to a binding agreement.

In the context of real estate transactions, consideration typically includes monetary payment, which solidifies the agreement between the buyer and seller. This offer and acceptance, coupled with consideration, create a legally binding commitment. Therefore, having valid consideration is fundamental for the enforceability of any real estate contract.