Property II-FAC - General Principles/Definitions in...

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General Principles/Definitions in Property/Portions of a Contract of Sale - Purchase – can be an actual purchase of fee simple, getting a mortgage, grant, or lease, etc. - Conveyances of Real Property have two steps: o Contracting o Closing – having the closing after contract allows the purchaser to do a title search - Assemblage – buying multiple adjacent parcels of property to combine into one large parcel - All conveyances of land interests must be made in writing. o (N.Y. GOL 5-703) – the writing need not be formal (can be on back of check, combination of letters, etc.) See notes on page 579 for explanation of writing requirements. Exceptions: Estoppel – for Estoppel to apply, there must be: o Reliance by one party on the words or actions of the other party o Reliance must be reasonable o Reliance must be to detriment of other party (change in position) o Reliance was foreseeable by the other party o Justice cannot be served without granting some relief Part Performance taking possession and paying all or part of the purchase price. - In order for sale of property to be executed, parties must first show mutual assent. o Seller agrees to sell and the buyer agrees to buy. - In most states, covenants given by previous sellers run with the land. - Escrow – an interest bearing escrow account – usually contains the buyer’s down payment and is held in escrow until the closing date – the money is held in escrow, separate from both parties’ bank accounts so as to ensure the money is there at closing. o Generally the seller retains the interest gained on the deposit amount, but parties can contract to determine who gets the interest. - Fixtures – personal property, brought upon the property, that are so affixed to the real estate, that under the law of the jurisdiction, it is considered part of the real estate. Fixtures include, plumbing, heating, lighting and cooking fixtures, cabinets, mantels, etc. Parties can contract for/against including fixtures. Are fixtures impliedly included in the sale unless specifically excluded? - It’s customary for the seller to pay transfer taxes and the recording of the new deed. It’s customary for the buyer to pay to record the mortgage. o Neither of these are hardened fast rules, and the parties can contract for who will bear the costs. - List Pendants – list of pending interests/liens on the property o Lien – a lien is an interest in property that can be foreclosed upon at any time 1
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- Mechanic’s lien – where party performs improvements on land/house and the value goes unpaid. Performing party can put on mechanic’s lien interest up to value of work. o Lien usually dates back to construction, so it often takes priority over other debtors o To have lien removed, debtor must post bond, lien attaches to the bond, lien is removed. -
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This note was uploaded on 02/18/2008 for the course LAW 1030 taught by Professor Todres during the Spring '02 term at St. Johns Duplicate.

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Property II-FAC - General Principles/Definitions in...

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