Introduction To Transfer

Question 1

Intent to transfer gift

Answer 1

Donor must intend to make a present transfer of the donor’s interest

May be shown through oral statement or writings

Question 2

Can you give title but maintain possession?

Answer 2

Yes, gaining title and right of ownership is distinct from possession or enjoyment of the gift

Question 3

Delivery of a gift

Answer 3

Actual delivery is giving real possession to the immediate transfer. Physical and actual delivery. Must hand over to the donee with manifested intent to make a gift

Question 4

Gruen v. Gruen

Answer 4

P’s father wrote a letter on his 21st bday letting him know he was giving him a painting but wanted to hold on to gift until he died

Intent- orally statements and writing
Delivery- letters serve as instruments of gift
Acceptance- shown by P’s value in the gift (statements to friends, retaining letter)

Takeaway: you may give title but maintain ownership

Question 5

Inter vivos gift

Answer 5

A gift of personal property made during the donors lifetime and delivered to the donee with intent of irrevocable surrendering control over the property

Question 6

Three types of delivery

Answer 6

Actual- physical and actual deliver. Handing over the gift
Constructive- giving the key e.g. Giving the key to a bank account, writing a check, leaving a note (these open up access to what is being transferred with the idea that only that person can access it)
Symbolic- symbolizes the stuff, the actual thing that us being handed over e.g. Delivery of the letter in Gruen v. Gruen

Question 7

Gift

Answer 7

A gift is a voluntary transfer of ownership that is intentional, delivered and accepted

Not the intent to exchange!

Must be a present and immediate transfer

Question 8

Acceptance of a gift

Answer 8

Must be accepted by the person with the intention to take

Value in a gift is seen as acceptance

Question 9

Real estate brokers

Answer 9

Represent a party in the property transfer process and facilitates sale by representing the property of sale. Not suppose to act contrary to their client’s interest

Question 10

Types of broker agreements

Answer 10

Open listing agreement- broker lists the property but seller retains the right to sell the property or use a different broker. The broker only earns a commission is s/he brings the buyer

Exclusive agency agreement- permits only one broker, the exclusive agent, to sell the property but owner may also directly sell the property

Exclusive right-to-sell agreement- owner must pay broker if any buyer purchases the property no matter who found the purchaser

Question 11

Real estate contract

Answer 11

Purchase and sale agreement where title is not transferred immediately upon signing because buyers and sellers must do certain things between the contract and actual closing

Question 12

Earnest money agreement

Answer 12

Where buyers pay money up front and seller takes it off the market. It’s not the purchase of the whole property but a right to hold on to the property

Question 13

Fixtures

Answer 13

By way of attachment has become part of real estate. Distinguished by how difficult it is to remove

Question 14

Closing

Answer 14

Exchange of money and title