Real Estate Contracts

Question 1

Equittable Conversion: Risk of Sale

Answer 1

When Buyer agrees to purchase real estate, Buyer becomes the equittable owner of the property and bares risk of loss, up to the full contract price.

Question 2

Parties Rights After Entering into a Land Sale Agreement

Answer 2

• Either side can DEMAND SPECIFIC PERFORMANCE.
• Doctrine of Equitable Conversion can apply.
• Buyer is the equittible owner, and if buyer dies, the estate can demand specific performance from seller to sell them the land.
• If seller dies, seller’s estate can demand performance from the buyers to purchase the property.
• Through Exoneration, can leverage that to have another heir pay for the property’s purchase price.

Question 3

Implied Warranty of Fitness or Quality

Answer 3

ONLY applies when the builder of the new home is ALSO the seller of that new home.

Does NOT apply to lay seller.

Question 4

Doctrine of Part Performance

SOF Exception for Land Sale

Answer 4

• Acts of part perfmance UNEQUIVOCALLY prove the existance of that land sale agreement.