Land Sale

Question 1

DOCTRINE OF EQUITABLE CONVERSION

Answer 1

Once we have the enforceable contract in place, we move into
the time between the signing of the contract and the closing (the
escrow period). Under the doctrine of equitable conversion, once
the contract is signed, equity regards the buyer as the owner of the
real property. The contract conveys equitable title to the buyer. By
contrast, at the closing, the deed conveys legal title to the buyer

Question 2

Part Performance

Answer 2

Part performance is an
equitable doctrine allowing a buyer to enforce an oral real estate
contract by specific performance if:
* The oral contract is certain and clear, and
* The acts of partial performance clearly prove the existence of a
contract

Question 3

Risk of Loss

Answer 3

Risk of Loss when the contract conveys equitable title to the buyer then ROL passes to the buyer

Question 4

Passage of Title on Death

Answer 4

What happens if one of the parties meets
an unexpected end after the contract but before the closing? The
interests of the departed party pass to their estate. So, because the
buyer is deemed to own the property from the moment the contract
is signed, a deceased buyer’s interest passes as real property to their
estate.