Competing Claimants

Question 1

What are the elements of adverse possession

Answer 1

Open, notorious, & notorious;
Actual;
Exclusive;
Hostile; and
Continuous for statutory period

Question 2

What is “actual possession?”

Answer 2

When he is on the property physically

Question 3

Constructive Actual Possession

Answer 3

1) Color or title (defective deed) +

2) Actual possession of at least a significant part of the premises

Question 4

Elements of Statute of Frauds

Answer 4

Description of property
Description of parties
Price
Conditions of price + payment
Signed by party to be charged

Question 5

What is marketable title?

Answer 5

title that is reasonably free from factual legal doubt

Question 6

When is marketable title defective?

Answer 6

Defects in chain of title
Encumbrances
Encroachments; or
Zoning restrictions

Question 7

Damages for unmarketable title

Answer 7

1) Recession
2) Money damages for breach of contract
3) Specific performance with abatement of purchase price

Question 8

Seller’s duty to disclose defects

Answer 8

Seller has duty to disclose:

1) material latent defects,
2) known to seller
3) but not readily observable
4) and unknown to buyer

Question 9

What are material defects?

Answer 9

defects that affect health + safety of occupants

Question 10

Passage of property when SELLER dies

Answer 10

Seller dies AFTER executing the sale contract, but BEFORE closing — legal title passes to his heirs/devisees (they must honor the sales agreement

Question 11

Passage of property when BUYER dies

Answer 11

Buyer dies AFTER executing the sale contract, but BEFORE closing — party that takes the decedent’s property may demand a closing + exoneration of liens from decedent’s personal estate