land sale contracts and conveyances Flashcards

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1
Q

land sale contract requirements

A

subject to SoF and must be:
1) in writing
2) signed by parties to be bound
3) articulate essential terms

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2
Q

land sale contract SoF exception

A

partial performance

land sale K outside of the SoF is enforceable against seller if buyer does ANY two of the following:
1) pays all/part of purchase price
2) takes possession
3) makes substantial improvements

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3
Q

equitable conversion

A

during escrow (after land sale K but before deed delivery), buyer owns the real property but seller owns personal property (i.e., right to proceeds of the sale)

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4
Q

land sale contract risk of loss

A

if property is destroyed before closing through no fault of the parties, buyer bears the risk of loss in most jdxs

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5
Q

implied promises in land sale contracts

A

1) promise to provide marketable title
2) promise to disclose and make no material false statements

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6
Q

defects rendering title unmarketable

A

1) acquired by adverse possession
2) encumbered by interests; but seller has the right to satisfy outstanding mortgages/liens with sale proceeds
3) zoning ordinance violations existing at sale

can be waived by buyer but not seller

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7
Q

remedy for breach of land sale contract

A

buyer must notify seller before closing and give reasonable time for seller to cure defects; if seller fails to cure, buyer can rescind, file for damages, demand specific performance, or file suit to quiet title

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8
Q

requirements for an effective deed

A

1) lawfully executed
2) delivered - requires intent to be bound by the conveyance

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9
Q

3 types of deeds

A

1) general warranty
2) special warranty
3) quitclaim

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10
Q

general warranty deeds covenants for title

A

present:
1) seisin
2) right to convey
3) against encumbrances

future:
4) quiet enjoyment
5) warranty
6) further assurances

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11
Q

seisin

A

grantor covenants that he is the rightful owner (i.e., has title, possession, etc.) and that deed covers described land

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12
Q

bona fide purchaser

A

one who purchases property for value without notice of a prior conveyance or encumbrance

includes mortgagees for value; does not include donees/devisees

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13
Q

notice statutes

A

subsequent BFP always prevails over a prior grantee who fails to record whether or not she recorded first

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14
Q

race-notice statutes

A

first subsequent BFP to record prevails

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15
Q

race statutes

A

first grantee to record prevails, regardless of whether buyer is a BFP

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16
Q

Shelter Rule

A

one who takes from a BFP will prevail against any interest the transferor-BFP would have prevailed against, even if the transferee had actual notice of a prior conveyance

17
Q

wild deeds

A

a recorded deed unconnected to the chain of title in a grantor-grantee index system; record notice cannot be derived from a wild deed

18
Q

estoppel by deed

A

a grantor who conveys title to land he does not then own is estopped from subsequently acquiring the same land