Real Property Set Vi

Front 1

SOF for land requires:

Back 1

SoF req’s writing unless (2 of 3): possession; payment; subst improvemts.

Front 2

What if K >actual size?

Back 2

spec perf w/ pro rata reduction in price.

Front 3

Risk of loss

Back 3

B owns land when K is signed so buyer bears risk. (NY: S retains risk until transfer of title or possession if B w/o fault).

Front 4

Land K implied promises:

Back 4

1. marketable title at closing free from adv possession, encumbrances, zoning viols.
2. No false stmt of material fact, incl failure to disclose latent, material defects.
3. No implied promise of fitness or habitability unless new home
builder (promise of workmanlike construction).

Front 5

Untimely performance of Land K

Back 5

time not of the essence unless stated in K. Perf
rendered within reasonable time after closing date is ok.

Front 6

Deed requirements + what is it?

Back 6

Replaces K as controlling doc.
Req’s: LEAD – Lawfully Executed And Delivered. Lawful ex: writing, signed by grantor (“G”), comports w/ stat req’ts (no consideration req’d and description only requires “good lead”). Delivery: G must have present intent to be immediately bound. Recipient’s express
rejection defeats delivery

Front 7

Quitclaim:

Back 7

no covenants, gives what G has

Front 8

General Warranty deed

Back 8

Sad, Crying Elvis Wants Queen Anne –
Seisin – G owns estate he’s conveying;
Rt. to Convey – has power to convey w/o temp restraints;
Against Encumbrances – no servitudes or mortgages; Warranty – promise to defend against lawful claims by others;
Quiet Enjoyment – no disturbance by 3rd party’s lawful claim of title;
Further Assurances – do whatever necessary to perfect title

Front 9

Statutory special warranty deed:

Back 9

promises G makes on behalf of himself that he won’t convey to anyone else and prop is free from encumbrances made by G. NY: called bargain & sell deed.