Property Law Spring 2017

Professor Marc H. Greenberg

Golden Gate University School of Law

Land Transfers Part 1

 Land Transfers Part 1

• Overview of the Purchase Transaction

– Financials – down-payment norms; issues in low down-payment
contexts (PMI, Higher interest rates, predatory loan practices); pre-
qualifying for loans
– Brokers and Agents – the MLS; online home search companies
– The Purchase and Sales Agreement
• Do you need an attorney?
– Title Insurance
– Mortgages
– Inspection Contingencies
– Escrow
 Land Transfers Part 1

• The Real Estate Purchase Contract

– Parties
– Property Description
– Fixtures and Personal Property
– Purchase Price
– Mortgage Contingency
– Possession
– Prorations
– Professional Inspections
– The Deed
– Title
– Property Tax Escrow
 Land Transfers Part 1

• The Real Estate Purchase Contract

– Performance
– Seller’s Warranties
– Escrow Closing
– Choice of Law
– Dual Agency Notice
– “As Is” Condition
– Bridge or Interim Financing’
 Land Transfers Part 1

• Brokers – Licari v. Blackwelder – note the role of traditional

agency law in defining the obligation of a broker to a client –
how did the brokers and agents in this case violate their
fiduciary duty? Was it necessary to make a finding that
fraudulent conduct took place?
• What is the difference between a Real Estate Broker, and a
Real Estate Sales Agent? How is commission allocated
between them in a real estate sales transaction?
 Land Transfers Part 1

• Special issues with brokers – buyer’s brokers, dual agents,

disclosure requirements, MLS services and price fixing, types
of listings, unauthorized practice of law
• The Contract of Sale and the Statute of Frauds – Hickey v.
Green – Why does Mrs. Green’s attempt to use the Statute of
Frauds to rescind this purchase contract fail? Since this is not a
case of a court sitting in equity, but rather is a breach of
contract claim, why is Mrs. Green’s lack of good faith
relevant?