Property: Competing Claims

Question 1

Adverse Possession

Answer 1

Requires:

(1) open visible and notorious
(2) actual, continuous
(3) exclusive
(4) hostile under claim of right or color of title

Question 2

Statute of Frauds requires that the land transfer . . .

Answer 2

Contain

(1) A description of the property,
(2) A description of the parties,
(3) price, and
(4) any conditions of price or payment if so agreed to

Question 3

Equitable Conversion

Answer 3

a purchaser becomes an equitable owner of title on the execution of a binding contract

Question 4

Risk of Loss for Land sales

Answer 4

Common Law: after contract but before closing, risk is on the buyer.
Vendor & Purch. Risk Act: risk of loss is on the seller unless the legal title or possession of the property has passed to the buyer.

Question 5

Marketable title

Answer 5

Title that is reasonably free from doubt in both fact and law. Defects include:
defects in the chain of title, encumbrances, significant encroachments, zoning violations

Question 6

Duty to disclose defects

Answer 6

A seller of a residential home has a duty to disclose to the buyer material latent defects known to the seller but not readily apparent to the buyer. This is usually limited to health and safety concerns.

Question 7

Implied Warranty of Quality

Answer 7

a.k.a. implied warranty of workmanlike quality, a.k.a. warranty of habitability; this is an implied warranty of fitness that the home is habitable

Question 8

Remedies at Law for Seller

Answer 8

Traditionally, if buyer breaches, the seller can get expectation damages (the difference between the contract price and the market price). The seller may also recover consequential damages (mortgage interest) or reasonable reliance damages (repairs and inspection costs).

Question 9

Remedies in Equity for Seller

Answer 9

If buyer breaches, the seller may seek rescission.

Question 10

Remedies at Law for Buyer

Answer 10

If seller breaches, buyer may recover expectation damages (diff between the market price and contract price). Buyer may also get reliance damages (cost of inspections) or restitution (repayment of down payment).

Question 11

Remedies in Equity for Buyer

Answer 11

Buyer may elect to seek rescission of K accompanied by restitution of down payment. The buyer may seek specific performance as well, or an abatement in the price (if title was not marketable)

Question 12

Types of Deeds

Answer 12

General: warrants that no title defects have occurred ever (seisin, of right to convey, against encumbrances, of quiet enjoyment, and of warranty).
Special: no title defects have occurred during his ownership.
Quitclaim: no warranties.

Question 13

Remedies for breach of Covenant by Grantor

Answer 13

the grantee may recover the full purchase price, a portion thereof, costs of fixing title/property, specific performance

Question 14

Requirements of transfer

Answer 14

(1) donative intent
(2) delivery
(3) acceptance