Property Midterm- study guide

Property Midterm- study guide - P roperty 2 outline Sale of...

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Property 2 outline Sale of Land Contract for the sale of land or interest therein must be in writing Exceptions: Sufficient memorandum (Dipps) Description of land, Identification of the parties, purchase price, payment, signed by Party to be charged Must be sufficient to satisfy the SOF Has to be in writing Proof of the agreement Definite and certain terms Partial performance Payment, possession, valuable improvements Estoppel to plead statute A hardship alone may remove an oral contract from the statute Detrimental Reliance: Unreasonable result: Modification All modifications from the original contract must be in writing Time of the essence Time is not if the essence unless specifically stated within the contract
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Marketable title Implied in every contract for the sale of land there is a covenant that the title is reasonable free from title defects Exceptions: quitclaim deed-only those rights the seller had at those points in time Adverse possession: will not render title unmarketable, one cannot convey color of title. * Defect must be substantial Land sale contract Title is still in the vendor until law day, where the grantor must come forward and deliver marketable title *No rescission by the buyer of an executor contract for sale due to lack title. * Buyer may rescind the contract if the vendor by his conduct shows it is impossible for him to perform * Purchaser has a duty to report defects in order for the vendor to have a reasonable time to cure such defects Defects that renders a title unmarketable: Encumbrances Mortgages Assessments Covenants in breach ** Contract merges with the deed Duty to disclose defect sellers may not intentionally misrepresent the property, and they must disclose all seller-created conditions that materially
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impair the value and which are not likely to be discovered by an ordinarily prudent buyer. Common law- no duty to disclose defects Doctrine of equitable conversion Equitable conversion will vest equitable title of the land in the buyer, leaving the seller holding bare title as security for the buyer who holds the balance of the purchase price as security for the seller. Buyer has equitable title and seller has legal title. Mortgage: A device to secure payment of a debt by the borrower to the lender who may be the seller of the property or bank or other third party. If the mortgagor transfers the mortgage the new transferee assumes the mortgage. On default the mortgagee may foreclosure on the property Implied warranty of quality Implied into the contract between builder and owner where the builder warrants the quality of his workmanship this may be enforced by subsequent purchasers. Remedies : specific performance, rescission, or damages. The Deed
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This note was uploaded on 05/12/2011 for the course LAW 101 taught by Professor Smith during the Spring '11 term at Concord.

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Property Midterm- study guide - P roperty 2 outline Sale of...

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