Short Answer Flashcards
What are the components of a transaction?
• Contract between the parties
•Title
•Financing
•Physical Conditions
•Survey
•Documents of transfer / loan
•Government
Marketing property: who are the players?
Sellers and realtors
Marketing property: what are the key documents?
Listing agreement, seller disclosures, p&s agreement
Marketing property: status of title
Important bc you can’t sell what you don’t own
Marketing property: relevance of Statute of Frauds
Essential for marketing (actually trying to sell property-needs to be in writing) has to have essential parties, & price what’s being sold
-Sale
-Financing
-transfer
Executory/ K Period: who are the players?
-relator
-buyer/seller
-lender (commercial transactions)
-consulting professionals- (someone searching title,inspection, surveyor)
Executory/ K period: key documents
p&s
escrow agreement/instructions
title commitment
financing commitment
home inspection report
insurance binders
tax receipts
Executory/ K period: status of title
Is it clear?
If not, what needs to be addressed to close (easement, covenants restrictions of record, option to purchase)
Executory/ K Period: Statute of Frauds relevance
Not in writing not enforceable
Ie: p&s only signed by one party probably not enforceable
Closing & post closing: players
Escrow agent
title agent
lenders counsels
maybe buyer/seller counsel
Closing & post closing: tasks of players
Lender counsel- 1) make sure title is clear and 2) that banks interest protected
Escrow agent/title agent- 1) instructions they have are followed. 2) Get the things done. If parties cant comply w/instructions you can’t do anything.
Closing & post closing: key documents
Deed
Settlement statement
tax documents
title affidavits
mechanics liens
parties in possession affidavits
transfer tax documents
mortgage
promissory note
loan document
Closing & post closing: status of title
Moment of truth- is it clear? Do you have everything you need to clear the title. If not clear, dont close.
Closing & post closing: statue of frauds relevance
Transferring real estate- everything should be in writing, if you dont have a written deed signed by seller w/ name of seller, buyer, and property described and essential terms- probably have defect. Transaction may be voidable.
If get through this point- exception full performance
Closing & posting closing: relevance of Doctrine of Merger*
-the real estate property’s transfer K merges into the transaction’s deed. Therefore, any promises made in the K for purchase and sale not reflected in the deed, are extinguished when the deed is executed and delivered to the buyer.
-If not stated in terms of title, probably been merged
-Applies to questions of title and maybe questions of personal property associated w/ but not essential to title
