Real Property

Question 1 What were Birdwells survivals on July 5? Doctrine of Equitable Conversion formerly a trim is signed, equity regards the buyer as the owner of the attribute. The venders interest is looked at as personal lieu. The legal designation of the space remains with the marketer and is considered to in trust and the put on the line is on the seller. The right of self- pass onpower follows the legal human activity the seller is en denominationd to possession until closing.Risk of Loss thither is a split of authority on danger of loss when a bless is signed, equity is passed to buyer through escrow and the risk of loss is on buyer. If seat is destroyed before closing, the majority retrieve places the risk on the buyer. If the property is change or destroyed, the seller is to conviction any monies from the indemnity against the purchase price the buyer is required to adapttle. Because Birdwell did non rescind the shove he will be required to pay the $90,000 b ecause he did non consult an attorney and because the real estate actor put a new price on the property of $50,000.However, since the contract was silent at risk, the Uniform Vender and Purchaser Risk Act, Birdwell could collect this option. However, neither fellowship had insurance on the property. Here, no one had insurance on the property. If property is destroyed and the seller has insurance, the seller will be required to reduce the sale price by the fall of damage. Because in that location was no insurance on the property, and the agreement was silent, the risk of loss would be on the buyer and Birdwells option would have to be chthonian contract law or marketable agnomen of respect.Statute of Frauds (SOF) The terms of a tear contract must be in writing and signed by the parties, including full names of the parties, words showing intent, a meeting of the minds for the dealings to buy or sell property, the price, and sufficient comment of the property. Astor and Bir dwell entered into a contract for the sale of Roseacre, which was for $100,000 with a down payment of $10,000 and $90,000 at closing set for August 1. Under the SOF, Roseacre must have a description of the farming that is sufficient for identification.Here, there was no description that sufficiently described the disgrace for sale and this would violate the SOF. Because there is no description another option would be to allow extrinsic evidence of property to allow for the description of the primer coat to be added to the contract regarding Roseacre. Here, Birdwell is to be the equitable owner of the impose beginning with and during the period in the midst of forming the contract and closing. Question 2 anticipate a Uniform Vendor and Purchaser Risk Act jurisdiction what were Birdwells options on August 2 when he finally gets nearly to consulting an attorney? Marketable TitleBreach of covenant of marketable title and breach of covenants of title is determined by which juris diction it follows on equitable conversion or the Uniform Vendor and Purchaser Risk. Under the equitable conversion, equity title and risk of loss passes to buyer as soon as the contract is signed. Seller could force buyer to pay and take titled to the damaged property. Under the Uniform Act, seller retains the risk of loss until title or possession passes. Buyer can rescind and serve for restitution of the deposit. On August 2, Birdwell cannot rescind the contract because he can only sue for breach of countenancey of marketable title.Because closing is done and completed at a lower place the Uniform Vendor and Purchaser Risk jurisdiction, Birdwells attorney would evoke that he has taken legal title or possession of the property and would not be cleargond from his contractual duty. Here, because, Birdwell has the rubric and because of an accident and the property was completely destroyed and a new value placed on the property, this would be a loss and Birdwell would have to sue under covenant of title. Question 3 When Birdwell discovers the gas bill August 15 what be his options? Usual Covenants in General Warranty DeedA general warranty deed contains covenants of title warranting against defect in title, including defects by predecessors. A general warrant deed contains three accede covenants and three afterlife covenants. The present covenants be breach if all at the time of the delivery of the deed. The future covenants lead after closing. If one of the covenants is breached Birdwell may recover damages from Astor. A. Present covenants ar breached if at the moment the deed is delivered and personal covenants are personal and do not run with the land for the benefit of the successor.Seisin the present covenant warrants that the seller of the property owns the property that they claim to put across. Right to convey warrants that the grantor has the power to convey the property and that there are no restrictions on the power of the seller to convey power. Against Encumbrances warrants that there are no easements, servitudes, or mortgages on the land. Here, Astor breached the present covenants when the deed was passed and he knew that the property had a lien against it. Because of these facts there is an amount owed of $1500 and $750.B. Future Covenants are breach if after the grantees possession of the land is broken, and then the future covenants may not be breached at the moment of the conversion and can be breached later. Future covenants run with the land and can be enforced by purchasers. Because Astor broke Birdwells future covenant when he shows the property to Clifford, this would breach Birdwells covenant of serenity enjoyment. Quite enjoyment warrants that the grantee will not be disturbed in the possession by a third partys lawful claim of title.Here, Birdwells deed is defective and damages are recoverable for breach of covenant against encumbrance, which is the difference in value between the land without these encumbrances and land with encumbrances. The lesser amount would have to be give by Astor. Question 4 On September 1 Birdwell has palliate not been unable to successfully get a resolution on the dispute over Roseacre. What are the chances of claiming his deed valid and Clifford is not a Bonafide Purchaser? Bona Fide Purchaser is someone who pays for the value for property and takes title of property without eyeshade of any preceding claims.The give away statute requirement is that the party must be a bona fide purchaser and that party takes their interest without the wit. Here, the subsequent purchaser Cliffords deed will prevail. Taking without Notice Clifford inquired if about(predicate) if there were any liens and he was told there were none by Astor. Therefore, he did not get actual notice and the deed was not recorded, unless there was inquiry, constructive notice will prevail. Constructive Notice exists if a antecedent claim was properly recorded within the chain of t itle so that a subsequent purchaser will be charged with notice of claim.A reasonable search is required of the purchaser of records such as the shaft Tract Index or the Grantor-Grantee index. Here, constructive notice would exist because Birdwell did not record his deed, this show Clifford did not get proper notice. Inquiry notice is something that arises that could cause a reasonable person to be on notice and the Grantee is responsible to know if anything that a reasonable person would reveal. regular though during the inspection of the property, Clifford noticed different signs that stated sold and he also saw a construction crew working.This was observed previous to Clifford making an offer. Quiet title Birdwell has two options one a title dispute, therefore in a quiet title action, a greet proceeding removes any clouds or encumbrances on the title to real property to establish new ownership of the property. Here, Birdwell did not record the quiet title and there was a fail ure to clear title after making payment to Astor. Because Astor did not convey a deed to Clifford, the court will have to decide the recording based on the recording statutes above.