Conveyance Of Land

Question 1

Statute of frauds

Answer 1

Contract for sale of real property must be in signed writing with all the terms.
Includes easements and any lease of a year or more.
Might be overcome by part performance or estoppel.

Question 2

Marketable title

Answer 2

Not need to be perfect, but needs to be reasonably free from doubt or threat of litigation.
Unmarketable: liens, servitudes, adverse possession, incorrect legal description, and existing zoning violations will violate warranty.

Question 3

Remedy for breach of sale contract

Answer 3

Usually specific performance.

But when not possible, loss of performance measure of K damages.

Question 4

Deed Requirements

Answer 4

Conveyance of real property requires
1. donative intent
2. delivery, 
3. acceptance
FL: deed needs two witnesses.

Question 5

General Warranty Deed

Answer 5

1. No title defects occurred during ownership of the property, and
2. no defects in chain of title from which he derived title.

Question 6

Special Warranty Deed

Answer 6

Seller warrants that there are no defects from when he owed it, but makes on warranty about the chain of title.

Question 7

Quit Claim Deed

Answer 7

Seller makes no warranties

Question 8

Covenant of Quite Enjoyment

Answer 8

Seller grants that she will assist in defending title against lawful claims and will compensate for losses.
Cap of loss at amount that she paid for the property.

Question 9

Mortgage Deed

Answer 9

Must include

1. identity of the parties
2. description of the property.
3. intent to create a security interest.

Question 10

Mortgage title theories

Answer 10

Title theory: mortgagee has title.
Lien theory: mortgagor has title.
Intermediate theory: mortgagor retains title until default, then transfers to mortgagee.

Question 11

FL foreclosure

Answer 11

Deficiency judgement at discretion of the court.
Mortgagee has common law right to sue for deficiency unless:
1. PMSI,
2. foreclosure sale, and
3. was granted deficiency judgement.

Question 12

FL Mortgage

Answer 12

Can be used for more than just purchase of property or construction.
PMSI to the extent used to pay for real estate.

Question 13

FL land sale K

Answer 13

Treated like mortgage with the same debtor/creditor rights as a mortgage.

Question 14

Recording statute

Answer 14

Necessary to enforce rights against third parties, but not necessary regarding the parties themselves.
Must record to prove your place in time.

Question 15

Types of recording statutes

Answer 15

1. Race statute- first recorder wins.
2. notice statute- unrecorded interest invalid against subsequent interest for value.
   inquiry notice is sufficient- ie buyer should have known to ask if there was a mortgage based on the appearance of the property.
3. Race-notice statute: invalid against a bona fide purchaser for value w/o notice who records first.