General Obligations Law 5-703 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-702 Requirements for use of plain language in consumer transactions up TITLE 7 Requirements of Writing, Execution or Acknowledgment For Effectiveness or Enforceability next SECTION 5-705 Execution and acknowledgment of assumption of mortgage debt by grantee of mortgaged real property Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-703 Conveyances and contracts concerning real property required to be in writing General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 7 § 5-703. Conveyances and contracts concerning real property required to be in writing. 1. An estate or interest in real property, other than a lease for a term not exceeding one year, or any trust or power, over or concerning real property, or in any manner relating thereto, cannot be created, granted, assigned, surrendered or declared, unless by act or operation of law, or by a deed or conveyance in writing, subscribed by the person creating, granting, assigning, surrendering or declaring the same, or by his lawful agent, thereunto authorized by writing. But this subdivision does not affect the power of a testator in the disposition of his real property by will; nor prevent any trust from arising or being extinguished by implication or operation of law, nor any declaration of trust from being proved by a writing subscribed by the person declaring the same. 2. A contract for the leasing for a longer period than one year, or for the sale, of any real property, or an interest therein, is void unless the contract or some note or memorandum thereof, expressing the consideration, is in writing, subscribed by the party to be charged, or by his lawful agent thereunto authorized by writing. 3. A contract to devise real property or establish a trust of real property, or any interest therein or right with reference thereto, is void unless the contract or some note or memorandum thereof is in writing and subscribed by the party to be charged therewith, or by his lawfully authorized agent. 4. Nothing contained in this section abridges the powers of courts of equity to compel the specific performance of agreements in cases of part performance.