§ 5-703 — Conveyances and contracts concerning real property required to be in writing

New York § 5-703

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 7: Requirements of Writing, Execution or Acknowledgment For Effectiveness or Enforceability
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

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§ 5-703. Conveyances and contracts concerning real property required\nto be in writing. 1. An estate or interest in real property, other than\na lease for a term not exceeding one year, or any trust or power, over\nor concerning real property, or in any manner relating thereto, cannot\nbe created, granted, assigned, surrendered or declared, unless by act or\noperation of law, or by a deed or conveyance in writing, subscribed by\nthe person creating, granting, assigning, surrendering or declaring the\nsame, or by his lawful agent, thereunto authorized by writing. But this\nsubdivision does not affect the power of a testator in the disposition\nof his real property by will; nor prevent any trust from arising or\nbeing extinguished by implication or operation of law, nor any\ndeclaration of trust from being proved by a writing subscribed by the\nperson declaring the same.\n 2. A contract for the leasing for a longer period than one year, or\nfor the sale, of any real property, or an interest therein, is void\nunless the contract or some note or memorandum thereof, expressing the\nconsideration, is in writing, subscribed by the party to be charged, or\nby his lawful agent thereunto authorized by writing.\n 3. A contract to devise real property or establish a trust of real\nproperty, or any interest therein or right with reference thereto, is\nvoid unless the contract or some note or memorandum thereof is in\nwriting and subscribed by the party to be charged therewith, or by his\nlawfully authorized agent.\n 4. Nothing contained in this section abridges the powers of courts of\nequity to compel the specific performance of agreements in cases of part\nperformance.\n