A contract for the sale of real property must be evidenced by a writing which identifies the parties; describes the subject matter; is signed by the party to be charged; and states the essential terms of the agreement. In a real estate transaction, the essential terms of a contract include the purchase price, the time and terms of payment, the required financing, the closing date, the quality of title to be conveyed, the risk of loss during the sale period, and adjustments for taxes and utilities. The writing must set forth the entire contract with reasonable certainty so that the substance thereof appears from the writing alone. If the contract is incomplete and it is necessary to resort to parol evidence to ascertain what was agreed to, the remedy of specific performance is not available.
Cohen v. Holder, NY Slip Op 02778 (2d Dep't April 27, 2022)
