REAL ESTATE TRANSACTIONS MINI OUTLINE Holmes (Undisc Debt)
CA
Broker DoC, GF & FD
Relocation Realty MN
Not broker=no comp.
Dworak v. Michals NE
Bad seller=owes comp.
Century 21 v. Vasquez CA
Fired Excl. Broker = comp.
In re Roth NJ
No Dual Atty/Realtor!
Rosenberg v. Heritage MN
Proc. Cause / Override Clause
Salahutdin (1acre) CA
Constructive Fraud
Cardinal v. Merrill MN
$ for ord. forms = OK
GMH v. Prudential PA
LOI+nego+fail2sell= no breach
Hansen v. Phillips MN
LOI=prom2neg in future/GF
Vestar v. General (Mall) CA
Dmgs must be certain
Roth v. Maslon CA
Counter-counter req. resp.
Starlite Ltd. (Food Lease) MN
Dc of Wvr in cntrct form. = No
Moran v. Erk NY
Atty aprv. contingency = OK
Holscher v. James (Cabin) ID
Risk of Loss Insur. 3rd Pty Ben.
Greer v. Kooiker (Farm) MN
Brch/Bro=Com/Pur=mkt-pur
Proctor v. Holden (Dep) MA
Fin$ rej/not req 2 take sel fin
Bushmiller (Lotto) MA
Req. reas attmp to sec. fin.
Steiner (lot split) CA
Part perf=option irrevocable
Bob Acre(clos date not mat)MN
Mutual promise=suff consid.
Florida Bar(1Atty/Apt&Hous)FL
Ethic Dty to disclose adv. int.
Perfect (In Gross-81v96)IN
# of Acres not contr. Induc./SP!
Clair (Septic&Home Addition)KY
Pur. Agt w/ stips. to repair/No SJ
Petrillo (Perc Test & Atty) NJ
Dty not to give misleading info.
Van Camp (Wind. Bars/Rape)OH
Caveat Emtor/Pur aff Inq/Misrep
Smith v. Beatty (Gold Mine)NC
No dty to disc. Au, only if asked!
Stambovsky(Ghost S perptd)NY
Caveat Emptor/recision allowed
Miller v. Craig (Escrow/$5k) AZ
Fld to seek perm fm seller/court
In re Lanza (Rep both sides!)NJ
Impr discl + rep both post-disp.
Wiggil (WD in Env/Intent!) UT
Must deliver deed B4 death!
Stone (LLC QC Deed) MN
Cnt reach, LLC at time of convey
Schwenn (Oil Royalties) CA
Aft. Acquir. Title, by opp of law
Brugeman(Repurchase right)MN
Mgr Doct./Perf reqd. closing!
Uzan ($$Condos/Breach) NY
Soph Buyr/Dwn Pmt Neg=Keep It
DiGuiseppe (756 Acres) TX
Rdy/Wling/Able at tm of ct 4 SP
5303 Realty (Stock NOT Title)NY
Lis Pendens improper!
City of Kinston (Auction) NC
Liq. Dmgs= loss, not penalty
Pendelton Dissent (Zoning) FL
Mutl mist in chng of zoning-DD!
RE Analytic (Coast Prop/Brch)CA
Rebut Pres. For SP Prop Unique
Staley (1inch viol. Ordinance) IN
Created cloud/Not marketable
Egli v. Troy (Fence Line) IA
10 yrs Acquiescence Affirmed
Magnun (Drwy/Sewer Issue) CT
WD Valid/wasnt theirs to give!
Re Collier(Torren/Mrtg/WD)MN
Knowledge of debt = Good Faith
Anderson (Fail to Rec. Deed)MN
Subsq. Pur was Bona Fide
Brown (Coal Optn, not barred)IL
Cov of Warr. & Quet Enjoyment
Hersh Prop (Mktble Titl Act)MN
Cert. of title must be of 40+yrs
Walters (Line Disp. 42v50ft)MS
Lang=Clr, extrin ev is not admis.
McGhee (Line Dispute/Plat)FL
Monuments trump description!
Lick Mill (Enviro Cleanup) CA
Title Ins Cvrs Mktblty NOT value!
Magna Ent (Easmnt 3 parcels)CA
Title Ins Cvrs legal, not practical
Fait v. New (Mrtg & Demolit) CA
Wste/Ngl Impair/NOT econ pres
Woodview (2 Condos & Fees)NJ
Pur $ Mrtg/Mrtgr in pos is liable
DNR (Esmt v Ownrshp) MN
RR abndnd/rmved tracks=reverts
MDNR v. Lahti (Right-of-Way)MI
Easmt restrctd to RR, reverted!
Sampier (MTA&Lake Easmt)MN
Prf of notice of use before 40yr
Hiller (Strip of Land-1917) MN
Rvrsnry Int. exting. after 30 yrs
Wichelman (School House) MN
Prpr sale immune frm rvrsnry int
Slattengrn (Pur$Mrtg&Vndr)MN
MN First to File!/No knowledge
Young America (Gaurantors)MN
Grnty nt Indpdt of Mrtg=bnk lose
Norwest (Due-on-Sale) MN
Anyone can pay and reinstate
National City (Homestead) MN
Non-sgning spouse can waive
Hunter (Mthr pr hous 4 son)MN
Strict Compliance of Forc. Law
Peterson (LC willful default) CA
Substantial Pmt=right of redem.
Sebastian (LC breach) KY
LC treatd as Mrtg = Judicial Sale!
Bank Midwst (Consnt Claus)MN
Grant of Mrtg=Transfer
Minister Life (50yr les-back)MN
Didnt intend mrtg=eqitble mrtg
Plaza Assoc(Drugstore & SP)MN
No SP for not profitable store!
CBL (SP of Tenant Store) ?
Was not anchor & not crts job!
Gruman (Anti-Sublet Provi.) MN
No duty to mitigate damages!
Leanord Street (Law Libry) MN
No Sblt/Lndld ok w/ bank, waive
Broker: lists, sells, rents or
exchgs an int in RE for another.
Duties: Loyalty /Obed /Disclos
/Confid/Care/Accounting of $
Listings:Opn/Excl Agncy/Excl Sell
Cvl Actn: (1)licenced(2)written
agmt(3)agncy disclos.(4)No Enf
of hold harmless agmt, Pub Plcy
Stat. Bkr Disc: (1)fee negotiable,
(2)dual agency(3)override list,
etc. [Failure to disc may prevent
collection of commission]
MN Disc:(1)Mtrl facts(2)of phys
cond(3)Sellr aware(4)Significant
Affect(5)ordinary enjoyment
(6)or intend purpose.
Wrtn Listing:(1)Expire Date
(2)Prpty Desc (3)Price(4)Amt &
Basis of Brkr Comp (5)Stat Discs
(6)Predicates for earning comm$
Prtcd Lst Req:(1)Spec ident
(2)Prior Intst(3)Delivr w/I 72
hrs(3)Dbl comm$ disclaimer.
SoF:(1)Consid(2)Desc of
Parties(3)Desc of Land(4)Terms
& Condis(5)Signed by Seller
Parol Ev: Can expln not contrdct
Mrgr Doc: Evrythng B4 closing
merges into deed/finality! Excpt
cond subseq or survivl clause
Spec.Perf General:(1)contract
est(2)adqt considrtn(3)not induc
my mstke or misrep(4)Enforce
cnt cause hardship(5)Dmgs mst
be inadqt(6)Pty enf mst will2perf
Recision:(1)Mutual mistake is
material(2)frustrt princ
purp=voidable contract
Lis Pendens:Unilateral notice of
pending action about the RE.
WD:disclose encum & warrant
LWD:disc &wrnt only sllr title
QC:no wrnty/have all I got!
Title Ins Exclus: items disclaimed
Excep: unique to prop (easmt)
Endors: add rider (prac acces)
Easment:(1)deed states right of
way(2)nominal consid(3)shape
makes any other use unlikely
(4)RR can take off gravel/earth
Fee Interest:(1)right to increase
width(2)conveyed additional
land(3)Relinq of dower rights
Reinstatement: right (statute)
for defaulted borrower to pay
amt + penalties + fees to put
back in pre-default status. This is
only before forclosure.
Redemption: right to pay off
outstanding loan pre-
foreclosure. Equitable=Pre-
Forclosure/Statutory=Post-
Forclosure!
Release: recordable doc by
lender to extinguish mortgage
Reconveyance: recordable doc
by lender to exting deed of trust
Receiver: contractual or
equitable remedy where court
appoint 3rd party to manage RE
following default and B4 forclos
Mortgagee in Poss: lender takes
control of RE, not ownership.
CFD Disadvantage Vendee:(1)60
day cancelation(2)Typically
Balloon(3)Potential prepayment
restrictions(4)Potential
restrictions on transfer.
CFD Disadvantages
Vendor:(1)No protection from
mechanics liens(2)Liability for
property damage(3)No 2ndary
mkt(4)Interest in prop is illiquid.
CfD Remedies: SP/Recission
/Judicial Term/Stat Cancel/Dmgs
Stat Cancellation: 60 days for
CfD; 30 days for P&SA and
excercised options; protection
cannot be waived in advance by
buyers, very prescriptive remedy
Lease Injunctive Rlf: (1)sub
likelihood on merits(2)irrep
harm(3)injury outweish dmgms
to opposing prty(4)injunction
not adverse to public policy
Implied Op Cov Factors:
(1)major adverse consequence
to tenant(2)most of rent
fixed(3)sophisticated parties
(4)landlord used express op cov
in other leases(5)Tenant had
broad assignment rights(6)Lack
of language detailing scope of
business in premises or operator
Judicial Foreclosure: statutory
process, admin by the courts.
Often required if want to pursue
a deficiency judgment!
Nonjudicial Foreclosure: only in
half of states. Power must be
placed in the mortgage or deed
of trust. Typically require waiver
of deficiency judgment.
Strict Foreclosure: Only CT&VT,
based on title theory of mortg.
No sale is held. Court grants
mortgagor redemption time. If
fails, title vests in morttgagee.
LOI Enforcement:(1)Confidentily
(2)Exclusive right to neg
(3)examin docs for due diligence
(4)Early Entry for Inspection
(5)Key money & reimbursement
Doctrine of Equitable
Conversion: (fiction) equity
regards that as done which
ought to be done purchaser is
treated in equity has having an
interest in the realty and the
vendor has an interest in right to
receive money. (Holscher)
Marketable Title: title that is
free from reasonable doubt, one
that a prudent person with full
knowledge of all facts would be
willing to accept.
Future Deed Cov: Quiet
Enjoyment,Defense of
Title/Warranty,Further Assur
Present Deed Cov: Seisin, right
to convey, against encumbrance
except those listed.
