Conveyance Of Property

Question 1

2 steps to convey property

Answer 1

1. Contract (conveys equitable title
2. Closing (conveys legal title)

*escrow = period in between

Question 2

The contract requirements

Answer 2

I. Writing
2. Signed by party who offered against
3. Describe prop, consideration, ID parties

Question 3

Doctrine of Partial Performance

Answer 3

Exception to statute if frauds
Need:
1. Clear and certain oral contract
2. 2/3 of following: buyer took possession, paid full or significant portion of price, made substantial improvements

Question 4

Doctrine if Equitable Conversion

Answer 4

Buyer bears risk of loss during escrow unless otherwise stated

Question 5

2 promises that come with land contracts

Answer 5

1. Marketable title-free from litigation (encumbrance, adverse p., zoning violations)
2. No false statements of material fact (latent defects, can’t say buyer takes “as is”, must be specific)

Question 6

Is there an implied warranty of fitness or habitability?

Answer 6

No unless new home where builder = seller

Question 7

Closing

Answer 7

Pass of legal title, need LEAD
-Lawfully Executed And Delivered

Question 8

Lawful Execution (Closing)

Answer 8

Writing signed by grantor
Unambiguous description
ID parties

Question 9

Delivered (closing)

Answer 9

Grantor must have legal intent to part with legal control

*rejection defeats delivery
*oral conditions drop out of deer
* escrow agent on

Question 10

Types of Deeds

Answer 10

1. Quitclaim
2. General Warranty
3. Special Warranty

Question 11

Quitclaim Deed

Answer 11

Bad deed
Contains no promises and not necessarily good title

Question 12

General Warranty Deed

Answer 12

Best deed
Warrants against all defects in title
6 covenants
•Seisin: grantor owns
•Right to convey: grantor can transfer
•Against encumbrances
•Quiet enjoyment
•grantor will defend
•Future assurance: grantor will perfect

Question 13

Special Warranty Deed

Answer 13

Warrants against all defects in title
(Only for grantor himself)

Question 14

Race recording statute

Answer 14

1st to record wins
-“1st recorded”

Question 15

Notice recording statute

Answer 15

Last BFP to take wins
-“without notice”

Question 16

Race-Notice statute

Answer 16

1st BFP to record wins
-“without notice….first recorded”

Question 17

BFP

Answer 17

Buyer who pays value without notice (actual, inquiry, record)

Question 18

Shelter Rule

Answer 18

Anyone who take from BFP steps in their shoes

Question 19

Wild deed

Answer 19

Recorded deed that is not connected to the chain of title (incapable of giving constructive notice)

*has the effect of never recorded

Question 20

Estoppel by Deed

Answer 20

When convey real prop that you don’t actually own, but later acquire title to prop»>automatically vests in grantee