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 preforeclosure. Equitable=PreForclosure/Statutory=PostForclosure! 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.