Transfer of Real Property

Question 1

Real Estate K

Answer 1

• SOF: land, parties and price (part perf exception)
• time to perform: 2 months post close unless time of essence
• Equitable conversion: land tx as B’s at signing for risk of loss
• Imp Warr of Mkt Title: that reas buyer would accept (proof of title + valid at closing + free of enc’s) - notice and cure before shut

Question 2

Deed

Answer 2

SOF: good lead + words of intent

-effective at delivery: intent governs, physical not req’d, implied absent express rejection or other facts

Conditions
-oral only ok w irrevocable escrow

Question 3

Estoppel by Deed

Answer 3

Implied covenant in deed that grantor will convey later obtained title if invalid at original deed time

Question 4

3 Deed Types

Answer 4

Quitclaim
Special Statutory Warranty
General Warranty

Question 5

Quitclaim Deed

Answer 5

No promises

Question 6

Special Statutory Warranty Deed

Answer 6

1. Grantor didn’t convey to another

2. Grantor didn’t encumber

Question 7

General Warranty Deed

Answer 7

3 present cov’s (must object at closing)

• 1. Seisin (lens)
• 2. Right to Convey
• 3. Against Enc’s

3 future cov’s

• 1. Quiet Enj (no TP claims)
• 2. Warranty (will defend TP claims)
• 3. Further Assurances (to perfect title)

Question 8

Recording

Answer 8

Race, notice, race notice

BFP: for value without notice

Shelter Rule: take from BFP = step into shoes

Wild Deed: ineffective to provide record notice