![]() ![]() Notice act: a subsequent bona fide purchaser for value without notice can change the common law default rule and have superior title to someone who technically received the property before them.One does not need to record to have title. Common law: First-in-time, first-in-right.Once the deed is handed over, under the doctrine of merger, one can only sue on the deed, not the contract.A quitclaim deed contains no covenants.For a general warranty deed, there are six covenants that must be satisfied.It is also the date where the implied warranty of marketable title must be satisfied. Closing is when the seller hands over the deed with intent to pass title.After the contract is signed, under equitable conversion, the risk of loss shifts to the buyer. The contract of sale must satisfy the implied warranty of marketable title. The contract of sale must be in writing, signed, and contain essential terms (unless the part performance exception applies).There is a two-step process in selling real estate: a contract of sale is signed and closing occurs.Real Property-Highly Tested MBE Topics, Charts, and a Checklist! Free Guide on How to Succeed in Law School.Multistate Bar Exam (MBE) Mastery Class.Uniform Bar Exam (UBE) Services & Private Tutoring. ![]()
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