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Property (Rights in Real Property (Covenant - a promise that attaches to…
Property
Rights in Real Property
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License - a privilege, usually to do something on someone else's property.
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Real Estate Contracts
Marketable Title - implied promise to the purchaser that title is reasonably free from doubt in fact and law.
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Statute of Frauds - require writing signed by the party to be charged; Includes 1. description of the property 2. description of parties 3. Price 4. Any conditions of price or payment agreed upon
Duty to Disclose - seller has duty to disclose all material latent defects known to seller not readily observable to buyer.
Remedies
Buyer's Breach - Expectation damages; foreseeable consequential damages; reasonable reliance damages; retaining the down payment; or liquidated damages.
Seller's Breach - Expectation damages; reliance damages; restitution of the down payment; and punitive damages.
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Titles
Special warranty deed - Grantor warrants that no title defects occurred during his ownership of the property.
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Recording
Notice Statute - an unrecorded conveyance is invalid against a subsequent bona fide purchaser for value without notice.
Shelter Rule - provides protection for subsequent purchaser who does not satisfy the applicable recording statute.
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