CONVEYANCING—THE PURCHASE AND SALE OF REAL ESTATE

Question 1

CONVEYANCING—THE PURCHASE AND SALE OF REAL ESTATE

Answer 1

• 2-step process:
  (1) Land K, which conveys equitable title. Land K endures until step II.
  (2) Closing, where deed passes legal title & becomes operative doc.

Question 2

Keeping the Two Steps Separate

Answer 2

• Closing date is generally set in K.
• Buyer & seller typically meet on that date to exchange purchase price for deed.
• B/f closing, Ks rules apply; after closing, Property rules apply

Question 3

Common Issues Before Closing

Answer 3

• If there are going to be problems in sale of land, they generally arise during the escrow period (between signing of K & closing date).

Question 4

Common Issues After Closing

Answer 4

• Problems between a buyer & seller are less common after closing.
• These issues are most likely to arise when title problems/encumbrances are discovered after closing.