Real Property Flashcards
what are the two requirements for every real estate conveyance?
(1) land contract conveys equitable title
(2) closing where deed passes legal title and becomes an operative doc
b/c a real estate contract involves an interest in land, the SOF requires a
writing signed by the party against whom enforcement is sought - the party currently being sued
to satisfy the SOF, the writing for a real estate contract must
(1) ID parties
(2) describe property
(3) include price (the consideration) or a means of determining the price
if there is an inaccurate descripion of the land, the remedy is
specific performance
the ONE EXCEPTION to the SOF in a land sale contract is the doctrine of
part performrance
Part performance is an equitable doctrine allowing a buyer to enforce a real estate contract by _____ if
(1)
(2)
specific performance
(1) the oral contract is clear and certain
AND
(2) the acts of partial performance clearly prove the existance of a contract
what three actions help satisfy that the partial performance is satisfied?
(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
the SOF requires contracts for the sale of land be evidenced by a writing and signed by
by the party being sued
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
it falls within an exception to the statute. Then state the part performance rule and analysis if that applies
Once contract is signed, that kx conveys equitable title to the
buyer
Every kx contains an implied covenant that the seller will provide
marketable title at closing
marketable title is one that is reasonably free from ____
doubt and the threat of littigation
common defects that make title unmarketable:
(1) defects in record chain of title (like AP)
(2) encumbrances (mortgages, liens, easements, restrictive covenants)
(3) zoning violations
if a seller fails to cure defects of title that is unmarketable, then the buyer’s remedies include
(1) recission
(2) damages
(3) specific performance with abatement
(4) quiet title suit
Dr. (SP+A)Q
two promises implied in every land scale contract:
(1) seller will provide marketable title
(2) seller will not make false statemetns of material fact
to pass legal title from grantor to grantee the deed must be LEAD
Lawfully Executed And Delivered
If a deed, absolute on its face, is transferred to the grantee with an oral condition, what result?
oral condition drops out!
There are three types of deeds used to convey property intersts other than leaseholds:
(1) the general warranty deed
(2) the special warranty deed
(3) the quitclaim deed
does the quitclaim deed have any covenants?
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
The general warranty deed is the ________ because it warrants against
best deed a buyer could hope for b/c it warrants against ALL defects in title, including those attributable to grantor’s predecessors
What are the 3 present covenants
(1) covenant of seisin
(2) covenant of the right to convey
(3) covenant against encumbrances
the three future covenants are
(1) covenant of quiet enjoyment
(2) covenant of warranty
(3) covenant for future assurances
the special warranty deed contains the same covenants as the general warranty deed but here the grantor makes those promises ONLY
on behalf of HIMSELF (grantor makes no representations on behalf of his predecessors in interest)
For a grantee to assume a mortgage, that means that they are agreeing to be
personally liable on the mortgage note
if a grantee takes property subject to a mortgage, they are ____to personal liability
not agreeing
The mortgagee’s only resource is foreclosure (they cannot maintain a suit against the grantee)
Once a grantee has assumed a mortgage, any modification of the obligation by the grantee and mortgage discharges the original mortgagor of
all liability
Foreclosure termiantes interests junior to the mortgage being foreclosed but does NOT affect
senior intersts
This means that junior lienholders will be paid in decending order with the proceeds from the sale.
Who are considered necessary parties in a foreclosure action’?
junior lienholders and the debtor
NOT senior ones
The failure to include a necessary party results in their mortgage ___
remaining on the land
