Are oral agreements valid in mortgage transactions in Rhode Island?

In Rhode Island, the law requires that certain types of agreements, including those related to mortgage transactions, be in writing to be enforceable. This is grounded in the Statute of Frauds, which outlines that contracts for the sale of real estate and interests in real estate must be documented in a written format and signed by the parties involved. This requirement exists to provide a clear record of the agreement and to protect the rights of all parties, thereby reducing potential misunderstandings or disputes that can arise from oral agreements.

The implications of this law mean that any oral agreement made regarding a mortgage would not hold up in court should a disagreement occur, thereby making written agreements essential for enforceability in Rhode Island's legal framework surrounding real estate and mortgages.