Land Sale Trans

Question 1

Uniform Vendor and Purchaser Risk Act

Answer 1

• Texas has adopted this

- risk of loss during the executory period is placed on the seller

Question 2

statutory redemption period

Answer 2

• Texas does NOT have a statutory redemption period

- foreclosure sale IS FINAL

Question 3

K for a deed

Answer 3

• TX seeks to protect purchasers in K for a deed
• seller must give statutory notice before forfeiting the purchaser’s interest
• if purchaser has paid 40% or more of amount due seller has the power to sell the purchaser’s interest in the prop to a new customer

Question 4

Strips and Gores

Answer 4

• TX recognizes
• concerns prop that abuts a roadway or right-of-way
• doesn’t apply when grantor owns land abutting both sides of the strip
• does NOT apply if the strip is larger and more valuable than the conveyed tract

Did grantor explicitly reserve an easement or a right–of-way interest in the strip of land between the conveyed prop and the center of the public road?

1) Yes- then grant DOES NOT convey the title up to the center of the roadway
2) No- grant DOES convey title up to the center of the roadway

Question 5

Correction instruments

Answer 5

-TX allows a person to record a correction instrument to fix an error in the original deed or record

Question 6

nonmaterial correction

Answer 6

-a person w/ knowledge of the error can execute a correction instrument to correct a non-material error

Question 7

material correction

Answer 7

-only a party to the original transaction may execute a correction instrument to fix a material error to the deed

Question 8

restraint on alienation

Answer 8

-if a restraint on alienation is void, it does not render the entire deed void

Question 9

record instrument conveying RP

Answer 9

cant be recorded unless:

• it’s signed and acknowledged or sworn to by grantor
  1) in the presence of 2 or more credible subscribing witnesses or
  2) certified by and before officer authorized to take acknowledgements or oaths