What is required of lease contracts with a lease period of one year or more that is not required for leases of less than a year?

What is required of lease contracts with a lease period of one year or more that is not required for leases of less than a year?

• A. They must be in writing
• B. They must be notarized
• C. They must be recorded
• D. They must include a property condition report

Answer: (A)

Long-term lease agreements fall under the statute of frauds, which requires contracts involving real estate to be in writing if they cover a period longer than one year. This written form is what makes the lease enforceable beyond that one-year limit. Notarization isn’t typically required, recording isn’t needed to create the contract’s validity (recording affects notice to others, not the contract itself), and a property condition report is a separate practice that isn’t tied to the lease’s duration. So, the essential requirement for leases of one year or more is that the agreement be in writing.

Long-term lease agreements fall under the statute of frauds, which requires contracts involving real estate to be in writing if they cover a period longer than one year. This written form is what makes the lease enforceable beyond that one-year limit. Notarization isn’t typically required, recording isn’t needed to create the contract’s validity (recording affects notice to others, not the contract itself), and a property condition report is a separate practice that isn’t tied to the lease’s duration. So, the essential requirement for leases of one year or more is that the agreement be in writing.