31: The Transfer of Real Estate By Sale
- Page ID
- 11174
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- The various forms of real estate ownership, including fee simple, tenancy in common, and joint tenancy
- The mechanics of finding, financing, and closing a real estate transaction
- How adverse possession may sometimes vest title in real property despite the nonconsent of the owner
- 31.1: Introduction to the Transfer of Real Estate by Sale
- This page outlines the real estate sale process, covering steps like buyer ownership selection, property search, negotiation, title validation, insurance, and financing, culminating in closing. It highlights contracts between buyers, sellers, and third parties, while excluding mortgages and property insurance, and mentions adverse possession as a method of acquiring property without payment.
- 31.2: Forms of Ownership
- This page discusses various real property ownership types, including severalty, joint tenancy with survivorship rights, tenancy by the entirety for married couples, tenancy in common for flexible shares, and community property laws for equal spousal interests. It also covers condominiums, cooperatives, and time-shares, the latter allowing multiple users property access at designated times.
- 31.3: Brokers, Contracts, Proof of Title, and Closing
- This page discusses essential aspects of real estate contracts, including brokers' duties, licensing laws, types of contracts, and the closing process. It emphasizes the importance of clear property descriptions, necessary signatures, and legal requirements to ensure enforceability. Various deed types and recording statutes are addressed, along with the need for buyers to verify titles and consider title insurance.
- 31.4: Adverse Possession
- This page explains adverse possession, a method to potentially obtain real property for free by meeting five criteria: possession must be hostile, actual, open and notorious, continuous (at least twenty years), and exclusive. An example involving Jean and Jacques illustrates hostile possession, while further details clarify the specific requirements for each criterion. If any criterion is not met, the claim for adverse possession fails.
- 31.5: Cases
- This page discusses two legal cases involving property and title issues. In Title and Trust Co. of Florida v. Barrows, the court overturned a damage award, clarifying that title insurance does not cover physical access problems. In Havens v. Schoen, a deed transfer was deemed invalid due to lack of intent and evidence of delivery by the grandparents to their grandchildren.
- 31.6: Summary and Exercises
- This page discusses real property ownership forms such as tenancy in common, joint tenancy, and community property. It outlines the legal requirements for selling property, including anti-discrimination laws and the necessity of written agreements. It emphasizes the role of recording statutes in protecting buyers and explains adverse possession.