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11 Cards in this Set
- Front
- Back
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6 Conveyance Requirements |
(1)deed must be in writing, (2) deed must have a grantor and a grantee, (3) deedmust adequately describe the real property to the exclusion of all others, (4)there must be an intent to convey by the grantor, (5) there must be actual orconstructive delivery, and (6) the grantee must accept the deed |
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Panos v. Olsen- Doctrine of Merger |
a deed is the final,integrated agreement of the parties and it abrogates all prior agreements,whether written or oral |
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Panos v. Olsen - 4 Merger Doctrine Exceptions |
(1) mutual mistake in thedrafting of the final documents; (2) ambiguity in the final documents; (3)existence of rights collateral to the contract of sale; and (4) fraud in thetransaction |
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Mutual Mistake |
A mistake precludes mergerwhen one of the parties demonstrates that a mutual mistake in the drafting ofthe contractual documents has occurred. - Mutual Mistake = a mistake in whicheach party denies merger due to mistake, he has the burden to show mistake byclear and convincing evidence |
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Party denying merger mustdemonstrate 3 things |
(1) the instrument does notconform to the intent of both parties, or (2) the claimant was mistaken as tothe content of the instrument and the other party knew of the mistake but keptsilent, or (3) the claimant was mistaken as to actual content due to fraudulentaffirmative behavior |
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2 Requirements for Reformation |
(1)mutual mistake of the parties or (2) ignorance or mistake by one party, coupledwith fraud by the other party |
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3 Common Uses for Escrows |
(1)means of collecting funds for the payment of taxes and insurance (Loan Escrow),(2) a method to handle the real estate closing (Escrow Closing), or (3) atechnique to resolve a closing contingency or problem (Contingency Escrow) |
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Loan Escrow |
usedby lenders to collect & hold money from the debtor for paying annual realproperty taxes and fire and hazard insurance premiums |
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EscrowClosing |
spellsout the duties of the seller, buyer and escrow agent. - Agent administers thecontract of purchase and sale and has fiduciary duties to both the buyer andthe seller |
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ContingencyEscrow |
usedto resolve problems that arise at or before closing |
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Requirements of Contingency Escrow |
Shouldbe in writing & address: (1) clearly identifies the matter at issue (itemneeding to be fixed by seller), (2) qualifiers and limitations on the dollaramount attributed to correcting the problem, (3) identifies the action neededto be taken by each party and the time period in which action must be taken andcompleted, (4) establishes the proof that will be needed to demonstratecompliance, (5) establishes a right of inspection (by whom and on what terms),and (6) addresses the release of any funds or documents that are being held byan escrow agent under the terms of the agreement |
