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12 Cards in this Set
- Front
- Back
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1.Statute of Frauds in Real Property
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TO BE ENFORCeABLE, ANY CONTRACT AFFECTING REAL PROPERTY MUST BE IN A WRITING SIGNED BY THE PARTY TO BE CHARGED WITH ITS BREACH, OR BY AN AUTHORIZED AGENT OF THAT PARTY WHOSE AUTHORITY MUST BE EXPRESSED IN A SIGNED WRITING
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2. Exception to SOF for Real Property
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Exception to the statute of frauds is part performance of an oral real property contract. Courts consider three types of PIT performance which must unequivocally refer to an agreement to transfer the realty.
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PIP Performance
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P- Payment of the purchase price in whole or in part
I Making Valuable Improvement P- Buyer Taking Possession |
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Unequivocal conduct
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In NY, It is almost impossible to acheieve PIT part performace sufficient to take the contract out of the statute of frauds. The buyers performance alone must unequivocally refer to the sale of realty without resort to oral testimony. Unequivocally referable conduct is conduct that is inconsistent with any explanation other than a contract for the sale of realty.
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Oral Lease?
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The doctrine of PIP part performance may also be applied to an oral lease exceeding one year.
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6. Detrimental Reliance?
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The buyer may also invoke the detrimental reliance estoppel theory to support the equitable part performance theory
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Requirements for a Writing in Real Property
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1. Identify buyer and seller.
2. Sufficiently describe the real property, and 3. State the purchase price. A missing term will nullify the contract, even if it was signed by the party to be charge. |
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conditional term example: mortgage rate
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If the realty contract is conditioned on B obtaining a mortgage at 8% interest, then when B can only obtain one at 8.2 percent, the condition faild, and B is excused from the contract. B however, could waive the 8% percent condition. BUT B is the only one who can invoke this condition, not the purchaser.
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3. Descritption of the property requirement
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The real property contract must describe the property to the exclusion of all others. It must describe the subject property with a degree of certainty to definitively identify the property being sold.
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. Lot method
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The most frequently used method of description of the property - section, block, and lot # assigned to the property by the county
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Metes and Bounds Method
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Another way is by metes and bounds, where the description meets at a certain point and provides distances and angles to describe an enclosed parcel.
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Description
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A description may be encorprated by reference to another document.
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