Contracts Flashcards
1
Q
Equitable conversion
A
When contract formed, division of title. Equitable title passes to buyer while seller retains legal title until closing. ROL follows equitable title.
2
Q
Covenant of marketable title
A
Must deliver title reasonably free of defects: mortgages, liens, restrictive easement, adverse possession, zoning violation, encroachment.
3
Q
Warranty deed covenants
A
Present: seisin, right to convey, covenant against encumbrances. Future: quiet enjoyment, warranty, further assurances
