Real Property Video

Conveyance
Outcomes:
1. Land Sale Contract
2. Deeds
3.Recording

1. Land Sale Contracts:

 Every Land transfer = Every purchase and sale of Black Arce must begin with a Land
Sale Contract(land transaction process)

Every Conveyance of Real Estate Consists of a Two-Step Process:

1. Step I: The land contract, which conveys equitable title. The land contract endures until
step II.
2. Step II: The closing, where the deed passes legal title and becomes our operative
document.
 A deed completes its mission when is lawfully passes title for seller to buyer

The Standard for the Land Sale Contract must be:

 In writing
 Signed by the party to be bound (the defendant)
 Must reasonably describe the land
 Consideration

Doctrine of Part Performance

An exception of the writing requirements

2. Deeds: (17min)
 How does a deed pass title?
 It has to be lawfully executed and delivered
 The 3 types of deed
3. Recording(41min)
 A given buyer of Black Arce will typically want to record his or her deed in order to put
the rest of the world on record notice of their existance.
 How recording a deed confers different benefits depending upon the form of recording
staute of the given jurisdiction has enacted

THE LAND CONTRACT

STATUTE OF FRAUDS
The Standard
Under the Statute of Frauds, the contract must:

E_x_c_e_p_t_i_o_n_ _t_o_ _S_t_a_t_u_t_e_ _o_f_ _F_r_a_u_d_s_—T_h_e_ _D_o_c_t_r_i_n_e_

_o_f_ _P_a_r_t_ _Performance
If, on your facts, you have two of the following three, the doctrine is satisfied and equity will decree
specific performance of an oral contract for the sale of land:

THE PROBLEM OF RISK OF LOSS

Apply the doctrine of equitable conversion:
In equity, who owns the land once the contract is signed?
One important result flows from this: Destruction. If, in the interim between contract and closing,
Blackacre is destroyed through no fault of either party, who bears the risk of loss?

TWO IMPLIED PROMISES IN EVERY LAND CONTRACT

The First Implied Promise: Seller Will Provide Marketable Title
Seller promises to provide marketable title at the closing. What is marketable title?
There are three circumstances that will render title unmarketable:
 Real Property Video
Other Property Issues
Outcomes:
1. Security Interest in Land
2. Adverse Possession
3. Water Rights, Nuisance & Zoning