Real Property

Question 1

what are the two requirements for every real estate conveyance?

Answer 1

(1) land contract conveys equitable title
(2) closing where deed passes legal title and becomes an operative doc

Question 2

b/c a real estate contract involves an interest in land, the SOF requires a

Answer 2

writing signed by the party against whom enforcement is sought - the party currently being sued

Question 3

to satisfy the SOF, the writing for a real estate contract must

Answer 3

(1) ID parties
(2) describe property
(3) include price (the consideration) or a means of determining the price

Question 4

if there is an inaccurate descripion of the land, the remedy is

Answer 4

specific performance

Question 5

the ONE EXCEPTION to the SOF in a land sale contract is the doctrine of

Answer 5

part performrance

Question 6

Part performance is an equitable doctrine allowing a buyer to enforce a real estate contract by _____ if

(1)
(2)

Answer 6

specific performance

(1) the oral contract is clear and certain
AND
(2) the acts of partial performance clearly prove the existance of a contract

Question 7

what three actions help satisfy that the partial performance is satisfied?

Answer 7

(1) buyer has taken possession of the property
(2) buyer has paid the purhcase price OR a significant portion of purchase price
(3) buyer has made substantial improvements to teh premises

Question 8

the SOF requires contracts for the sale of land be evidenced by a writing and signed by

Answer 8

by the party being sued

Question 9

if you see an oral contract for the sale of sale of land on an essay question, state the general SOF rule first. Then state

Here, the kx is oral and won’t be enforceable unless

Answer 9

it falls within an exception to the statute. Then state the part performance rule and analysis if that applies

Question 10

Once contract is signed, that kx conveys equitable title to the

Answer 10

buyer

Question 11

Every kx contains an implied covenant that the seller will provide

Answer 11

marketable title at closing

Question 12

marketable title is one that is reasonably free from ____

Answer 12

doubt and the threat of littigation

Question 13

common defects that make title unmarketable:

Answer 13

(1) defects in record chain of title (like AP)
(2) encumbrances (mortgages, liens, easements, restrictive covenants)
(3) zoning violations

Question 14

if a seller fails to cure defects of title that is unmarketable, then the buyer’s remedies include

Answer 14

(1) recission
(2) damages
(3) specific performance with abatement
(4) quiet title suit

Dr. (SP+A)Q

Question 15

two promises implied in every land scale contract:

Answer 15

(1) seller will provide marketable title
(2) seller will not make false statemetns of material fact

Question 16

to pass legal title from grantor to grantee the deed must be LEAD

Answer 16

Lawfully Executed And Delivered

Question 17

If a deed, absolute on its face, is transferred to the grantee with an oral condition, what result?

Answer 17

oral condition drops out!

Question 18

There are three types of deeds used to convey property intersts other than leaseholds:

Answer 18

(1) the general warranty deed
(2) the special warranty deed
(3) the quitclaim deed

Question 19

does the quitclaim deed have any covenants?

Answer 19

NO

Grantor isn’t even promising that he has title to convey! This is the WORST deed could get. It conveys only what grantor has at the TIME of CONVEYANCE

Question 20

The general warranty deed is the ________ because it warrants against

Answer 20

best deed a buyer could hope for b/c it warrants against ALL defects in title, including those attributable to grantor’s predecessors

Question 21

What are the 3 present covenants

Answer 21

(1) covenant of seisin
(2) covenant of the right to convey
(3) covenant against encumbrances

Question 22

the three future covenants are

Answer 22

(1) covenant of quiet enjoyment
(2) covenant of warranty
(3) covenant for future assurances

Question 23

the special warranty deed contains the same covenants as the general warranty deed but here the grantor makes those promises ONLY

Answer 23

on behalf of HIMSELF (grantor makes no representations on behalf of his predecessors in interest)

Question 24

For a grantee to assume a mortgage, that means that they are agreeing to be

Answer 24

personally liable on the mortgage note

Question 25

if a grantee takes property subject to a mortgage, they are ____to personal liability

Answer 25

not agreeing

The mortgagee’s only resource is foreclosure (they cannot maintain a suit against the grantee)

Question 26

Once a grantee has assumed a mortgage, any modification of the obligation by the grantee and mortgage discharges the original mortgagor of

Answer 26

all liability

Question 27

Foreclosure termiantes interests junior to the mortgage being foreclosed but does NOT affect

Answer 27

senior intersts

This means that junior lienholders will be paid in decending order with the proceeds from the sale.

Question 28

Who are considered necessary parties in a foreclosure action’?

Answer 28

junior lienholders and the debtor

NOT senior ones

Question 29

The failure to include a necessary party results in their mortgage ___

Answer 29

remaining on the land