Prop- K

Question 1

1) Statute of Frauds

Answer 1

(a) Must be in writing
(b) Part Performance

Question 2

2) Real Estate Contract Terms

Answer 2

(a) Price
(b) Parties
(c) Description
(d) Conditions
(e) Signed by party to be charged

Question 3

3) Equitable Conversion

Answer 3

(a) Transfer of equitable title
(i) once the K is signed, equity regards the buyer as the owner of the real property
(ii) Risk of loss shifts to the buyer

Question 4

4) Legal Title

Answer 4

(a) Seller does not need legal title on day of signing
(i) but once the deed is conveyed to the buyer, they have a legal right in the prop.

Question 5

5) Marketable Title

Answer 5

(a) Implied covenant to coney title free of encumbrances

Question 6

7) Merger

Answer 6

(a) At closing, the CONTRACT merges into the DEED
(b) Can no longer sue under the Contract

Question 7

8) Seller’s Duty to Disclose

Answer 7

(a) Material defect that CANNOT be seen by the buyer