land sale K

Question 1

can licensed realtors be duel agents in VA?

Answer 1

yes

Question 2

what is a duel agent?

Answer 2

representing buyer and seller

Question 3

SOF requirements for land sale k

Answer 3

writing
signed by party to be charged
essential elements

Question 4

essential elements for land sale k?

Answer 4

parties
description of property
k price
method of pmt

Question 5

what exception applies to SOF for land sale K?

Answer 5

part performance

Question 6

part performance requirements in VA

Answer 6

agreement certain and definite

our acts are connected to agreement

agreement so far executed that refusing to fully perform is a fraud

Question 7

when does the implied warranty of fitness apply in VA?

Answer 7

new homes

new condos

Question 8

IW of fitness - new homes

Answer 8

impliedly warrant home is
(1) free from structural defects
(2) fit for habitation

Question 9

Can you waive IW of fitness for new homes?

Answer 9

yes

specific and conspicuous on face of k

Question 10

what if the seller breaches the IW of fitness for new homes?

Answer 10

B gives written notice to S
S has 6 m to fix
B has 2 years to bring suit

warranty lasts one year from transfer of title (5 if foundation issue)

Question 11

does the seller have a duty to disclosure physical defects?

Answer 11

no

buyer beware

Question 12

what is the common law definition of merger?

Answer 12

obligations in k merged into deed and cannot be enforced unless the deed contains the obligations

Question 13

how does VA cover merger

Answer 13

limits to obligations related to title or addressed in deed

overrides any k language to contrary

Question 14

does VA apply equitable conversion?

Answer 14

yes

parties can k around

can require S to get gap insurance

Question 15

does merger apply to closing statements?

Answer 15

no, its not a deed.

Question 16

can you reform a legal doc?

Answer 16

yes

modifying a legal doc

Question 17

reformation elements

Answer 17

(1) prior agreement b/w parties

(2) agreement by parties to put the prior agreement in wriitng

(3) due to mistake, difference between prior agreement and new agreement

Question 18

marketable title

Answer 18

title free from defects - unreasonable risk of litigation

Question 19

when is title unmarketable

Answer 19

AP not quieted

private encumbrance

future interests

violating ordinance

significant physical defect

Question 20

what if k price > mtg amt?

Answer 20

marketable title

seller uses sale proceeds to pay off mtg

Question 21

specific performance

Answer 21

no adequate remedy at law

terms of k sufficiently definite

common w/ unique goods and land