Contract/Real Property

Question 1

Real Estate K

Answer 1

First piece of paper
Has to be in writing
OR
Part performance payment and improvement/ possession
Need basic terms like price, parties, description and has to be signed by the parties to be charged.

Question 2

Equitable Conversion

Answer 2

Buyer does not get legal title
Risk of loss is on buyer

Question 3

Marketable Title

Answer 3

Real estate K
This is implied which basically stated that the title of the property is free of any encumbrances or liens

Question 4

Time of the essence clause

Answer 4

Not of the essence unless it explicitly states so.

Question 5

Merger

Answer 5

Once we close it mergers into the deed
Can no longer sue on real estate contract

Question 6

Duty to Disclose

Answer 6

Material defects that cannot be seen by the buyer has to be disclosed.