Real Property MEE Rule Statements Flashcards

1
Q

What is the implied contract of marketable title?

A

At closing, the seller will provide the buyer with a title that is (1) reasonably free from doubt; (2) free from questions that present an unreasonable risk of litigation. Typically this will be an unencumbered fee simple absolute with good title.

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2
Q

What is the remedy if the buyer determines that the seller’s title is unmarketable?

A

The buyer must notify the seller and give reasonable time to cure the defects. If the seller fails to cure the defects, the buyer may (1) rescind; (2) sue for damages; or (3) get specific performance. If the seller fails to cure, the seller may not sue for damages or specific performance.

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3
Q

Remedy for breach of a real estate sales contract?

A

Contract Price - Market Value of the Land on the date of the breach

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4
Q

When may a seller retain an earnest money deposit?

A

The seller may retain the deposit if the buyer defaults in performance.

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5
Q

Statute of Frauds: Part Performance Exception

A

A court may give specific performance of a contract despite the absence of a writing if 2/3 of the following acts are present: (1) the purchaser is in possession of the house; (2) the purchaser has made substantial improvements to the land; and (3) the purchaser has paid all of part of the purchase price.

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6
Q

Effect of a divorce on a tenancy by the entirety

A

In Virginia, a divorce decree extinguishes all contingent rights of either spouse and converts the estate into a tenancy in common.

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7
Q
A
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