Land Conveyancing: The purchase and sale of real estate Flashcards Preview

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Flashcards in Land Conveyancing: The purchase and sale of real estate Deck (85)
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1

what needs to be in LAND K for SOF

land K MUST
1) be in writing
2) signed by the party to be charged (D)
3) must describe land and
4) state some consideration

2

what if the amount of land recited in the land K is more than the actual size of the parcle what is B's remedy

specific performance with a pro rata reduction in price

3

when is specific performance allowed

when land is unique, usually always land since land is held to be unique.

4

what is the 1 x/c where sale of land does NOT need to be in writing for SOF

DOCTRINE OF PART PERFORMANCE

5

what are the 2 elements of 3 that must be met for part performance for x/c to SOF

1) Buyer takes possession
2) B makes substantial improvements
and/OR
3) Buyer pays all or part of the price

6

what does the land K give the buyer?

equitable ownership

7

who does the destruction of property lie with after the land K?

BUYER. once K singed, buyer owns the land, if b/w k and closing it is destroyed by either party BUYER bares risk of loss unless K says otherwise

8

in IL whose risk of loss of property does it belong to before closing?

IL by statute risk of loss remains with SELLER until closing

9

what is the doctrine of equitable conversion

equity regards at done which ought to be done

10

what are the 2 implied promises in every land K

1) seller promises to provide MARKETABLE TITLE at the TIME OF CLOSING
2) seller promises not to make any false statements of MATERIAL FACT

11

what is the std for marketable title

title FREE from reasonable doubt, free from law suits and threat of litigation
1) free from reasonable doubt
2) free from law suit or
3) free from threat of litigation

12

when does marketable title need to be given

AT THE CLOSING

13

can the lien be discharged of the sale of proceeds, which will make the land marketable title

YES can close with proceeds of sale

14

what are the 3 things that can make title unmarketable

1) adverse possession
2) encumbrances
3) zoning VIOLATIONS

15

what is the rule for adverse possession for unmarketable title

even if PART of the title rests on adverse possession, it is UNMARKETABLE.
- S must be able to provide good record title

16

what is rule for encumbrances for making title unmarketable

marketable title means unencumbered fee simple.
- Thus, servitudes and mortgages render title unmarketable, UNLESS
- B waives them

17

when does servitudes and mortgages not make title unmarketable

when B waives them

18

what is rule for zoning violations making title unmarketable

title is unmarketable when land VIOLATES a zoning ordinance.

19

is the mere presence of a zoning ordinance make title unmarketable?

NO needs to be an actual VIOLATION that renders it unmarketable

20

can a S be held liable even if they are silent on a false statement of material fact

YES. silence is not golden, can be what omitted

21

what is the majority rule for holding sellers liable for false statements of material fact

failing to disclose MATERIAL LATENT DEFECTS

22

what is a latent defect

one that could not be discovered under a reasonable inspection

23

can S be held liable for material lies and omissions of latent defects

Yes

24

what happens if a K contains a general disclaimer of liability (property sold as is, with all faults)

disclaimer WILL NOT excuse S from liability from fraud or failure to disclose

25

generally does a land K contain an implied warranties of fitness or habitability

NO
- cavet emptor: let the buyer beware

26

what is the x/c for where there is implied warranty of fitness in land K

WORKMANLIKE CONSTRUCTION which applies to SALE OF A NEW HOME by a builder-vendor

27

what document is controlling at the closing?

the DEED

28

what does the deed do at closing

passes legal title from S to B

29

how does a deed pass legal title from seller to buyer (LEAD

LEAD
1) Lawfully Executed And Delivered

30

what is the std for lawful execution of a deed

deed must be in writing signed by grantor