11ARE 306 Unit 11Real Property: Acquisition & Disposition2Contracts for the sale of landλOptionsλPreemptive rightsλContracts for sale - interimλContracts for sale - long-term3OptionsλMust have all elements of a contractλOptionee not bound to purchaseλCounteroffers do not extinguish optionλRecord to give priorityλMust be in writing24Preemptive rights (Right of First Refusal)λOwner not bound to sellλRule against perpetuitiesλReasonable pricing mechanism5Real estate sales contracts (interim)λStatute of fraudsλRemedies for breachλParol evidence6Real estate sales contracts (Long-term)λFinancing deviceλTransfer of deed after last payment37DeedsλGeneral warrantyλSpecial warrantyλQuitclaim (nonwarranty)8General warranty deedλIndefeasible estate (seisin and right to convey)λFree from encumbrances (except those listed)λSeller will defend title9Special warrantyλFree from defects & encumbrances that may have arisen since seller acquired title410Quitclaim deedλNo warranties11Security interestsλMortgageλDeed of trust12Methods of saleλPrivate agreementλBroker/agentλAuctionλSealed bid513Broker/agentλBuyer agencyλSeller agencyλDual agency14ListingsλOpenλExclusive agencyλExclusive right-to-sellλMultiple15Merchantable titleλAbstractλDefectsλTitle insurance• Lenders •
View Full Document
Unlocking...