Property: Real Property Transfer & Recording

What are the three essential terms required in a writing to satisfy the Statute of Frauds for a land sale contract?

To satisfy the Statute of Frauds, a land sale contract must be in writing, signed by the party to be charged, and contain the essential terms: description of the property, identification of the parties, and the price or manner of payment.

Under the doctrine of equitable conversion, who bears the risk of loss if the property is destroyed before closing through no fault of either party?

Under the doctrine of equitable conversion, the buyer bears the risk of loss because equitable title passes to the buyer upon execution of the contract, even though legal title remains with the seller until closing.

What is the implied covenant of marketable title in a land sale contract, and when must it be provided?

The implied covenant of marketable title is a promise that the title is free from reasonable doubt or threat of litigation (e.g., free from unrecorded encumbrances or adverse possession claims), and it must be provided at the time of closing.

In a real estate contract, is time presumed to be 'of the essence,' and what is the consequence if a party is late but tenders performance within a reasonable time?

Time is generally NOT presumed to be 'of the essence' in real estate contracts. If a party tenders performance within a reasonable time (usually 1-2 months), the contract remains enforceable, though the late party may be liable for incidental damages.

Which type of deed contains no covenants of title and merely conveys whatever interest the grantor possesses at the time of the conveyance?

A quitclaim deed contains no covenants of title and only transfers whatever interest the grantor actually has, offering no protection against title defects.

What are the six traditional covenants of title included in a general warranty deed?

The six covenants in a general warranty deed are seisin, right to convey, against encumbrances (present covenants), and quiet enjoyment, warranty, and further assurances (future covenants).

How does a special warranty deed differ from a general warranty deed regarding the grantor's liability for title defects?

A special warranty deed only warrants against title defects that arose during the grantor's period of ownership, whereas a general warranty deed protects against all defects, even those created by prior owners.

What is the legal standard required to establish valid 'delivery' of a deed?

Valid delivery of a deed requires the grantor to have the present intent to immediately transfer an interest in the property to the grantee; physical transfer of the paper is not strictly necessary but creates a presumption of delivery.

Is a grantee's acceptance of a deed required for a valid conveyance, and how is acceptance typically treated under the law?

Yes, acceptance by the grantee is required for a valid conveyance, but acceptance is generally presumed if the conveyance is beneficial to the grantee (e.g., a gift or standard sale).

Under a 'notice' recording statute, who prevails between a prior unrecorded grantee and a subsequent purchaser?

Under a notice statute, a subsequent bona fide purchaser (BFP) for value who takes without notice of the prior claim prevails, regardless of who records first.