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Flashcards in Conveyance Deck (12)
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1
Q

General Warranty Deed

Present Convenants

A

1) Siesen
2) Right to Convey
3) Covenant against Encumbrance

2
Q

General Warranty Deed

Future Covenant

A

1) Quite enjoyment
2) Warranty
3) Future Assurance

3
Q

Recording

Notice

A

“… is valid against any subsequent purchaser for value without notice thereof, unless it is recorded.”

  • Subsequent BFP: For value, No Notice
4
Q

Recording

Race

A

“… is valid against any subsequent purchaser whose conveyance is first recorded.”

  • grantee who recorded first wins.
5
Q

Recording

Race-Notice

A

“… is valid against any subsequent purchaser for value without notice there of whose conveyance is first recorded.

  • Subsequent BFP who records first wins: For value, no notice.
6
Q

Definition of Marketable Title

A

Is title that reasonably Prudent Buyer would accept, which means minor defect are ok.

= No perfect

7
Q

Marketable Title

Seller Must Provide Buyer
Implied Covenant

A

1) Proof of title
2) Title free of Encumbrances
3) Valid Legal Title as of date of closing.

8
Q

General Rule

Marketable Title

A

Every land sale contract contains a IMPLIED COVENANT that Seller will deliver Marketable Title to Buyer at closing of escrow

9
Q

Property

Conveyance

A

First comes the contract of sale, later at closing comes the conveyance.

10
Q

Property Conveyance

SOF

A

1) Signed
2) Writing
3) Description
4) Names of the parties
5) Price

11
Q

Conveyance

If not Marketable

A

Buyer must notify the seller of any defect in the arose allow seller reasonable time to cure the defect.
* even if means postpone day of closing.

Buyer Remedies for seller failure to deliver:

  • Market Title
    1) Recision
    2) Damages <——- Breach of contract
    3) Specific Performance
    * Which will be coupled with a reduction in the purchase price to reflect the defect in sellers title.
12
Q

Marketability

Implied Covenant
elements

A

1) proof of title
2) TItled free of encumbrances

GR: Seller must give buyer the free of encumbrance- that is no easement, no restrictive covenant, no mortgage, no option other than were previous told.