What is a primary purpose of the Statute of Frauds in real estate transactions?

The primary purpose of the Statute of Frauds in real estate transactions is to reduce fraudulent transactions. It mandates that certain types of contracts, especially those involving the sale or transfer of real property, be in writing to be enforceable. This legal requirement helps to ensure that there are clear, tangible records of agreements, which are less likely to be misrepresented or disputed than verbal agreements. By necessitating documentation, the Statute of Frauds aims to protect all parties involved in a transaction from potential deception or misunderstandings regarding the agreement's terms.

While the other choices present different aspects of real estate transactions, they do not directly capture the core aim of the Statute of Frauds. For instance, speeding up transactions is not a focus of this legal principle; rather, the intent is to ensure clarity and legitimacy. Similarly, while clarifying property boundaries is important in surveying, the Statute of Frauds addresses contract enforceability rather than boundary issues directly. Finally, encouraging verbal agreements contradicts the very essence of the Statute of Frauds, which requires written documentation to mitigate the risk of fraud.