TreatiseTreatise

Friedman on Contracts and Conveyances of Real Property (7th Edition)

 by Milton R Friedman, James C Smith
 
 Copyright: 2005-2017
 Last Updated: April 2017

 Product Details >> 

Product Details

  • ISBN Number: 1402406827
  • Page Count: 1570
  • Number of Volumes: 3
  •  

Providing more than 140 sample forms, sample clauses, and checklists that simplify and accelerate transactions, Friedman on Contracts helps you to carefully consider all the issues and options before you finalize a contract, handle unexpected problems and contingencies before they become deal-breakers, factor in a relevant case law when structuring sound agreements, and avoid drafting ambiguous or incomplete contracts that can lead to delays and aborted deals.

Explaining common law principles, and thousands of statutes and court decisions, Friedman on Contracts counsels you on what course of action to take and what to avoid at every stage of real estate conveyancing, helping you to answer such essential questions as:

  • What essential terms and covenants must be in contracts of sale and deeds.
  • When contracts of sale can become fatally defective.
  • How to describe property with “reasonable certainty.”
  • When encroachments make a title unmarketable.
  • What covenants should be contained in mortgages.
  • What additional property description should be included in deeds.
  • When the merger of a deed increases the liability of both parties.
  • What closing adjustments should be covered in contracts.
  • What buyers and sellers can do to avoid delays in closings.

Including case examples that alert you to what can go wrong when contract drafting is faulty, Friedman on Contracts shows you why:

  • Boilerplate remedies provisions in complex deals can create legal traps.
  • Omitting a financing condition can increase a buyer’s risk in all-cash contracts.
  • Multiple contracts employed by parties can lead to offer and acceptance problems.
  • Failure to provide time periods for the issuance and delivery of building permits can cause disputes.
  • Negligent misrepresentation can result when a seller signs a contract of sale without reading its terms.
  • Some attorney review clauses can undermine negotiations and even terminate the contract.
  • Minor language variations in informal letters can lead to unenforceability.
Packed with sample forms, Friedman on Contracts is your comprehensive guide to every aspect of real estate contracts and conveyances.
  Milton R. Friedman’s Preface to the Sixth Edition
  Preface to the Seventh Edition
  Table of Contents
Chapter 1: Contracts of Sale
  • § 1:1 : Overview1-2
  • § 1:2 : Conditions1-3
    • § 1:2.1 : Satisfaction Clauses1-7
    • § 1:2.2 : Effect of Failure of Conditions1-10
    • § 1:2.3 : Waiver of Conditions1-10
  • § 1:3 : The Basic Contract1-12
  • § 1:4 : Contract Formation1-14
    • § 1:4.1 : Offer and Acceptance1-14
      • [A] : Generally1-14
      • [B] : What Constitutes an Offer1-16
      • [C] : Method of Acceptance1-17
      • [D] : Time for Acceptance1-18
      • [E] : New Terms in Purported Acceptance1-19
    • § 1:4.2 : Mutuality of Obligation1-21
    • § 1:4.3 : Definiteness1-23
  • § 1:5 : Incomplete Contracts1-28
    • § 1:5.1 : Letters of Intent, Binders, and Memoranda1-28
    • § 1:5.2 : Statute of Frauds1-32
      • [A] : Essential Terms1-33
      • [B] : Distinction Between Memorandum and Oral Agreement1-35
      • [C] : Signature Requirement1-36
      • [D] : Multiple Writings1-39
      • [E] : Delivery1-40
      • [F] : Admission of Contract1-40
      • [G] : Effect of Unenforceable Contract1-41
    • § 1:5.3 : Rescission and Modification1-43
    • § 1:5.4 : Part Performance1-45
  • § 1:6 : Options and Preemptive Rights1-49
    • § 1:6.1 : Consideration1-49
    • § 1:6.2 : Exercise of the Option1-51
    • § 1:6.3 : Preemptive Rights1-52
  • § 1:7 : Good Faith and Fair Dealing1-53
  • § 1:8 : Attorney-Client Relationships1-54
    • § 1:8.1 : Attorney Approval Clauses1-54
      • [A] : New York Attorney Approval Clause: An Unfettered Right to Terminate1-57
      • [B] : New Jersey Attorney Approval Clause: Mandatory Term in Broker-Prepared Residential Contract1-61
    • § 1:8.2 : Attorney’s Representation of Seller and Buyer1-63
  • § 1:9 : Contract Defenses1-66
    • § 1:9.1 : Mutual Mistake1-66
    • § 1:9.2 : Frustration of Purpose1-67
    • § 1:9.3 : Impossibility and Impracticability1-68
  • § 1:10 : Bankruptcy of Seller or Buyer1-68
  • § 1:11 : Choice of Law1-71
Chapter 1A: Standard Clauses in Contracts of Sale
  • § 1A:1 : Parties1A-2
    • § 1A:1.1 : Seller’s Name1A-2
    • § 1A:1.2 : Buyer’s Name1A-3
    • § 1A:1.3 : Non-Signing Owners1A-5
    • § 1A:1.4 : Persons Named As Parties Who Do Not Sign1A-7
    • § 1A:1.5 : Capacity to Contract1A-9
    • § 1A:1.6 : Death of a Party1A-10
    • § 1A:1.7 : Multiple Buyers and First Refusal Rights1A-13
    • § 1A:1.8 : Tax Considerations1A-14
  • § 1A:2 : Brokers1A-16
  • § 1A:3 : Purchase Price1A-18
    • § 1A:3.1 : Generally1A-18
    • § 1A:3.2 : Term Providing for Method to Determine Price1A-20
    • § 1A:3.3 : Term Leaving Price Open for Future Agreement1A-20
    • § 1A:3.4 : Term Providing for Maximum or Minimum Price1A-21
    • § 1A:3.5 : Adjustments Based upon Future Events1A-22
    • § 1A:3.6 : Adjustments for Taxes and Other Charges1A-22
    • § 1A:3.7 : Time of Payment1A-23
    • § 1A:3.8 : Non-Cash Consideration1A-27
  • § 1A:4 : Deposits and Escrow Payments1A-28
    • § 1A:4.1 : Generally1A-28
    • § 1A:4.2 : Payment to Escrow Agent1A-29
    • § 1A:4.3 : Loss Due to Misappropriation by Escrow Agent1A-32
  • § 1A:5 : Personal Property Included in Sale1A-33
    • § 1A:5.1 : Fixtures1A-33
    • § 1A:5.2 : Personal Property1A-35
  • § 1A:6 : Leases1A-36
  • § 1A:7 : Closing Adjustments1A-39
    • § 1A:7.1 : Continuing Mortgages1A-40
    • § 1A:7.2 : Insurance Policies1A-40
    • § 1A:7.3 : Rents1A-40
    • § 1A:7.4 : Real Property Taxes1A-41
  • § 1A:8 : Assessments1A-43
  • § 1A:9 : Streets1A-45
  • § 1A:10 : Violations of Law1A-47
  • § 1A:11 : Government Permits, Certificates, and Licenses1A-49
  • § 1A:12 : Subdivision and Zoning Approvals1A-50
  • § 1A:13 : Form of Deed1A-54
  • § 1A:14 : Transfer Taxes1A-54
  • § 1A:15 : Place of Closing1A-55
  • § 1A:16 : Survey1A-56
  • § 1A:17 : Possession1A-58
  • § 1A:18 : Risk of Loss1A-60
  • § 1A:19 : Tax Proceedings1A-60
  • § 1A:20 : Limitation of Purchaser’s Liability1A-62
  • § 1A:21 : Maintenance of Property1A-62
  • § 1A:22 : Purchase of House Under Construction1A-64
  • § 1A:23 : Seller’s Construction of Improvements1A-68
  • § 1A:24 : Multiple Contracts for Assembling Several Properties1A-69
  • § 1A:25 : Purchase Contingent on Buyer’s Sale of Other Property1A-72
  • § 1A:26 : Feasibility Studies1A-73
  • § 1A:27 : Approval of Other Persons1A-74
  • § 1A:28 : Arbitration1A-75
Chapter 2: Property Quality
  • § 2:1 : Overview2-2
  • § 2:2 : Inspection Provisions2-3
    • § 2:2.1 : Sample Radon Inspection Clause2-5
  • § 2:3 : Express Warranties of Quality2-6
  • § 2:4 : Implied Warranties of Quality2-8
    • § 2:4.1 : Recovery by Subsequent Buyers2-21
    • § 2:4.2 : Lender Liability2-26
    • § 2:4.3 : Disclaimers of Implied Warranties2-28
  • § 2:5 : Statutory Warranties of Quality2-30
  • § 2:6 : Warranties of Quality for Manufactured Homes and Mobile Homes2-33
  • § 2:7 : Misrepresentations by Sellers2-33
    • § 2:7.1 : Assertion of Fact2-34
    • § 2:7.2 : Representations Made by Agent2-36
    • § 2:7.3 : Distinguishing Between Fact and Opinion2-36
    • § 2:7.4 : Representation of Law2-37
    • § 2:7.5 : Partial Disclosure2-38
    • § 2:7.6 : Active Concealment of Defects2-39
    • § 2:7.7 : Physical Appearance of Property As Assertion2-40
    • § 2:7.8 : Third-Party Reports2-41
    • § 2:7.9 : Representations Made to Third Parties2-41
    • § 2:7.10 : Representations by Builders2-41
    • § 2:7.11 : New Fact Showing Prior Assertion Is False2-42
    • § 2:7.12 : Materiality2-42
    • § 2:7.13 : Reliance by Purchaser2-42
    • § 2:7.14 : Matters of Public Record2-48
    • § 2:7.15 : Representations Made after Contract Execution2-49
    • § 2:7.16 : “As is” Clauses and Disclaimers2-49
    • § 2:7.17 : Remedies for Misrepresentation2-51
  • § 2:8 : Seller’s Disclosure Duties2-53
    • § 2:8.1 : Implied Duties2-54
    • § 2:8.2 : Statutory Duties2-60
    • § 2:8.3 : Off-Site Conditions2-64
    • § 2:8.4 : Stigmatized Property2-67
  • § 2:9 : Buyer’s Disclosure Duties2-69
  • § 2:10 : Broker’s Duties2-70
  • § 2:11 : Rescission for Mutual Mistake2-74
  • § 2:12 : The Remnants of Caveat Emptor2-77
    • § 2:12.1 : “As is” Clauses2-81
    • § 2:12.2 : Merger Clauses2-85
  • § 2:13 : Contingency Escrows2-86
  • § 2:14 : Liability for Personal Injuries2-88
Chapter 3: Mortgage Financing
  • § 3:1 : Basic Mortgage Principles3-2
    • § 3:1.1 : Generally3-2
    • § 3:1.2 : Clogging the Equity of Redemption3-6
    • § 3:1.3 : Disguised Mortgages3-7
  • § 3:2 : New Mortgage from Third Party3-11
    • § 3:2.1 : Generally3-11
    • § 3:2.2 : Buyer’s Affirmative Obligation to Seek the Mortgage3-13
      • [A] : Down Payment3-14
      • [B] : “Reasonable Efforts”3-16
      • [C] : Conditions3-21
      • [D] : Mortgage Terms3-22
      • [E] : Lenders3-25
    • § 3:2.3 : Single or Multiple Loan Applications3-27
    • § 3:2.4 : Waiver of Mortgage Condition3-29
    • § 3:2.5 : Seller Financing As Substitute for Institutional Loan3-32
    • § 3:2.6 : Commitment Fees3-34
    • § 3:2.7 : Lender’s Revocation of Commitment3-36
  • § 3:3 : Continuation of Existing Mortgage3-37
    • § 3:3.1 : Planning and Drafting Considerations3-37
    • § 3:3.2 : Distinction Between Assumption and Taking Subject to Mortgage3-47
    • § 3:3.3 : Liabilities After Assumption3-50
    • § 3:3.4 : Exoneration of Debt After Mortgagor’s Death3-55
  • § 3:4 : Seller’s Purchase Money Mortgage3-61
  • § 3:5 : Junior Mortgages3-66
    • § 3:5.1 : Generally3-66
    • § 3:5.2 : Equitable Subrogation Doctrine3-74
    • § 3:5.3 : Subordination Agreements3-80
    • § 3:5.4 : Wraparound Mortgages3-82
  • § 3:6 : Discharge of Mortgage3-86
    • § 3:6.1 : Discharge by Mistake or Fraud3-86
    • § 3:6.2 : Merger3-86
    • § 3:6.3 : Deed in Lieu of Foreclosure3-89
  • § 3:7 : Mortgage Bond or Note3-92
  • § 3:8 : Expenses of Mortgage3-93
  • § 3:9 : Release of Part of Mortgaged Premises3-93
    • § 3:9.1 : Sample Forms of Release3-99
Chapter 3A: Standard Clauses in Mortgages
  • § 3A:1 : The New York Statutory Form Mortgage3A-2
    • § 3A:1.1 : Payment of Indebtedness3A-4
    • § 3A:1.2 : Insurance3A-5
      • [A] : Purchase of Insurance by Mortgagee3A-7
      • [B] : Restoration of Premises3A-9
      • [C] : Application of Insurance Proceeds to Debt3A-12
      • [D] : Claims of Co-Owners and Holders of Other Interests3A-13
      • [E] : Transfers of Mortgaged Premises or Mortgage Loan3A-17
      • [F] : Mortgagee Endorsements3A-19
      • [G] : Mortgagee’s Acquisition of Title Before Insured Loss3A-23
      • [H] : Mortgagee’s Acquisition of Title After Insured Loss3A-25
      • [I] : Loss Payable Endorsement3A-28
      • [J] : Liability of Mortgagee for Insurance Premiums3A-29
      • [K] : Installment Land Contracts3A-29
    • § 3A:1.3 : Building Removal3A-31
    • § 3A:1.4 : Acceleration of Debt3A-32
      • [A] : Notice of Acceleration3A-38
      • [B] : Reinstatement After Acceleration3A-40
    • § 3A:1.5 : Appointment of Receiver3A-41
    • § 3A:1.6 : Payment of Taxes and Charges3A-49
    • § 3A:1.7 : Estoppel Certificate3A-50
    • § 3A:1.8 : Notices3A-52
    • § 3A:1.9 : Warranty of Title3A-52
    • § 3A:1.10 : Adding Other Clauses to New York Statutory Form3A-53
  • § 3A:2 : Dragnet3A-53
  • § 3A:3 : Due-on-Sale3A-55
    • § 3A:3.1 : History3A-55
    • § 3A:3.2 : Garn-St. Germain Depositary Institutions Act3A-56
      • [A] : Automatic Enforceability3A-56
      • [B] : Scope3A-57
      • [C] : Exemption for Nonsubstantive Transfers3A-59
      • [D] : Case Law3A-60
    • § 3A:3.3 : Express Standards in Due-on-Sale Clause3A-63
    • § 3A:3.4 : Cure of Violation3A-64
    • § 3A:3.5 : Fannie Mae/Freddie Mac Uniform Instruments3A-64
    • § 3A:3.6 : Commercial Property3A-65
  • § 3A:4 : Purchase Money Mortgage3A-66
  • § 3A:5 : Description of Mortgaged Property3A-71
    • § 3A:5.1 : Generally3A-71
    • § 3A:5.2 : Fixtures and Personal Property3A-72
    • § 3A:5.3 : After-Acquired Fixtures and Personal Property3A-74
  • § 3A:6 : Waste3A-76
  • § 3A:7 : Non-Recourse3A-79
  • § 3A:8 : Maintenance of Premises in Good Condition3A-82
  • § 3A:9 : Prepayment3A-83
  • § 3A:10 : “Brundage” Clause3A-94
  • § 3A:11 : Sale in One Parcel3A-94
  • § 3A:12 : Lien Clause3A-95
  • § 3A:13 : Condemnation3A-96
  • § 3A:14 : Attorneys’ Fees3A-97
  • § 3A:15 : Corporate Execution3A-97
  • § 3A:16 : Lease Modification3A-98
  • § 3A:17 : Survival of Mortgagor’s Liability3A-99
  • § 3A:18 : Escrow Deposits3A-101
  • § 3A:19 : Transferable Development Rights3A-103
Chapter 4: Marketable Title
  • § 4:1 : Buyer’s Right to Marketable Title4-2
    • § 4:1.1 : Definitions4-2
      • [A] : Good in Fact4-3
      • [B] : Free from Reasonable Doubt4-4
      • [C] : Other Considerations4-6
    • § 4:1.2 : Hazard of Litigation and Pending Litigation4-9
    • § 4:1.3 : Access to the Property4-11
    • § 4:1.4 : Governmental Approvals4-11
  • § 4:2 : Judicial Determination4-12
    • § 4:2.1 : Marketable Title As Question of Law or Question of Fact4-12
    • § 4:2.2 : Burden of Proof4-14
  • § 4:3 : Time When Title Must Be Marketable4-14
  • § 4:4 : Contract Provisions on Title Quality4-15
    • § 4:4.1 : Encumbrances on Title4-18
    • § 4:4.2 : Buyer’s Acceptance Adds Title Requirement4-19
    • § 4:4.3 : Relationship between Marketable Title and Deed4-21
    • § 4:4.4 : Interpreting Contract Provisions4-23
  • § 4:5 : Adverse Possession4-28
    • § 4:5.1 : Prescriptive Easements4-43
  • § 4:6 : Defects in Land Descriptions4-51
  • § 4:7 : Condemnation4-52
  • § 4:8 : Risk of Loss4-59
    • § 4:8.1 : Majority Rule: Risk on Purchaser4-59
      • [A] : Insurance Proceeds4-63
      • [B] : Other Compensation4-68
    • § 4:8.2 : Minority Rule: Risk on Seller4-69
    • § 4:8.3 : Uniform Vendor and Purchaser Risk Act4-73
  • § 4:9 : Effect of Condemnation or Injury on Option to Purchase4-79
  • § 4:10 : Party Walls4-83
    • § 4:10.1 : Party Wall on Boundary Line As Encumbrance4-89
    • § 4:10.2 : Party Wall Agreements4-91
    • § 4:10.3 : Walls Wholly on One Parcel4-98
  • § 4:11 : Cure of Title Defects4-102
    • § 4:11.1 : Correction Deeds4-102
    • § 4:11.2 : Affidavits4-103
    • § 4:11.3 : Lapse of Time4-104
    • § 4:11.4 : Estoppel4-106
  • § 4:12 : Buyer’s Waiver of Title Defects4-106
  • § 4:13 : Buyer’s Knowledge of Defects4-107
Chapter 4A: Encumbrances
  • § 4A:1 : The Nature of Encumbrances4A-1
  • § 4A:2 : Mortgages4A-5
    • § 4A:2.1 : Mortgages Barred by Passage of Time4A-8
    • § 4A:2.2 : Merger of Mortgage and Fee4A-10
    • § 4A:2.3 : Mortgage Foreclosure4A-12
  • § 4A:3 : Leases4A-13
  • § 4A:4 : Taxes, Assessments, and Water Charges4A-18
  • § 4A:5 : Marital Property Rights4A-23
  • § 4A:6 : Judgment Liens4A-26
  • § 4A:7 : Mechanics’ Liens4A-31
  • § 4A:8 : Decedent’s Debts4A-33
  • § 4A:9 : Outstanding Conveyance or Contract of Sale4A-34
    • § 4A:9.1 : Subsequent Grantee As Bona Fide Purchaser4A-36
    • § 4A:9.2 : Lis Pendens4A-40
    • § 4A:9.3 : Recorded Contracts of Sale4A-40
  • § 4A:10 : Disposition of Encumbrance on Law Day4A-42
    • § 4A:10.1 : Time When Title Must Be Marketable4A-42
    • § 4A:10.2 : Tender, Performance, and Deductions from Price4A-46
    • § 4A:10.3 : Sample Contract Clauses4A-55
  • § 4A:11 : Other Recorded Documents4A-57
Chapter 4B: Encroachments
  • § 4B:1 : The Nature of Encroachments and Projections4B-1
  • § 4B:2 : Overhead Projections As Easements4B-3
  • § 4B:3 : Remedies for Encroachments4B-7
    • § 4B:3.1 : Self-Help4B-8
    • § 4B:3.2 : Damages4B-8
    • § 4B:3.3 : Ejectment4B-10
    • § 4B:3.4 : Equitable Remedies4B-12
  • § 4B:4 : Encroachments from Neighboring Property4B-19
  • § 4B:5 : Encroachments onto Neighboring Property4B-21
    • § 4B:5.1 : Agreement with Adjoining Owner4B-23
    • § 4B:5.2 : Adverse Possession or Prescription4B-24
    • § 4B:5.3 : Practical Location4B-25
    • § 4B:5.4 : Statutory Right4B-26
    • § 4B:5.5 : Severance of Common Ownership4B-27
  • § 4B:6 : Street Encroachments4B-31
    • § 4B:6.1 : New York4B-33
  • § 4B:7 : Contractual Provisions Respecting Encroachments4B-37
Chapter 5: Easements
  • § 5:1 : General Effect of Easements on Title5-2
  • § 5:2 : Types of Easements5-7
    • § 5:2.1 : Public Roads5-7
    • § 5:2.2 : Private Rights-of-Way5-8
    • § 5:2.3 : Railroad Rights-of-Way5-9
    • § 5:2.4 : Parks5-9
    • § 5:2.5 : Sewers5-9
    • § 5:2.6 : Water Pipes and Water Rights5-10
    • § 5:2.7 : Dams5-11
    • § 5:2.8 : Drainage of Surface Waters5-11
    • § 5:2.9 : Canals, Irrigation Ditches, and Levees5-13
    • § 5:2.10 : Mineral and Oil Rights5-13
    • § 5:2.11 : Public Utilities5-14
    • § 5:2.12 : Public Rights5-16
    • § 5:2.13 : Easements of View5-17
  • § 5:3 : Non-Express Easements5-18
    • § 5:3.1 : Easements Implied from Prior Use5-18
      • [A] : General5-18
      • [B] : Distinction Between Grant and Reservation5-20
      • [C] : Simultaneous Conveyances to Multiple Grantees5-22
      • [D] : Degree of Necessity5-23
      • [E] : Modern Trend in Favor of Implied Easements5-26
      • [F] : Role of Parties’ Intent5-28
      • [G] : Apparent Use5-29
      • [H] : Use at Time of Severance5-30
      • [I] : Common Ownership5-32
      • [J] : Method of Severance5-33
      • [K] : Duration of Implied Easement5-34
      • [L] : Forms Used in Contracts5-36
      • [M] : Easements for Light, Air, and View5-38
    • § 5:3.2 : Easements by Necessity5-40
      • [A] : Common Ownership5-41
      • [B] : Severance5-41
      • [C] : Degree of Necessity5-42
      • [D] : Continuing Necessity5-43
      • [E] : Extent of Rights5-44
      • [F] : Statutory Ways of Necessity5-45
    • § 5:3.3 : Easements by Estoppel5-45
  • § 5:4 : Buyer’s Consent to Easements5-48
  • § 5:5 : Location of Easements5-50
  • § 5:6 : Scope of Easements5-54
    • § 5:6.1 : In General5-54
    • § 5:6.2 : Reasonable Use by Easement Holder5-55
    • § 5:6.3 : Improvements5-63
    • § 5:6.4 : Repair and Maintenance5-64
      • [A] : Generally5-64
      • [B] : Liability to Third Parties5-67
    • § 5:6.5 : Concurrent Use by Multiple Easement Holders5-68
    • § 5:6.6 : Servient Owner’s Use of Easement Area5-69
    • § 5:6.7 : Servient Owner’s Interference with Easement Rights5-70
  • § 5:7 : Termination of Easements5-72
    • § 5:7.1 : Termination by Abandonment5-74
    • § 5:7.2 : Termination by Merger5-76
    • § 5:7.3 : Termination by Destruction of Improvements5-77
    • § 5:7.4 : Termination by Adverse Possession5-78
    • § 5:7.5 : Effect of Foreclosure Sales5-79
  • § 5:8 : Lateral Support5-82
Chapter 5A: Covenants
  • § 5A:1 : The Nature of Covenants5A-2
  • § 5A:2 : Creation by Subdivision Plat5A-3
  • § 5A:3 : Scope and Construction of Covenants5A-4
    • § 5A:3.1 : Methods of Interpretation and Construction5A-4
      • [A] : Plain Meaning Rule and Contextual Approach5A-5
      • [B] : Strict Construction Versus Ordinary Meaning5A-6
    • § 5A:3.2 : Setback Restrictions5A-8
    • § 5A:3.3 : Size Restrictions for Lots and Buildings5A-11
    • § 5A:3.4 : Height Restrictions5A-11
    • § 5A:3.5 : Architectural and Building Restrictions5A-13
      • [A] : Distinction Between Erecting Buildings and Use of Property5A-13
      • [B] : Rejection of the Erection-Use Distinction5A-15
      • [C] : Scope of the Term “Building”5A-16
      • [D] : Scope of the Term “Structure”5A-17
      • [E] : Restrictions on Fences5A-18
      • [F] : Restrictions on Architectural Style and Building Materials5A-19
      • [G] : Approval by Developer or Other Entity5A-19
    • § 5A:3.6 : Restrictions on Business Uses5A-25
    • § 5A:3.7 : Sign Restrictions5A-27
    • § 5A:3.8 : Residential Use Restrictions5A-27
      • [A] : “Single-Family” Restrictions5A-31
      • [B] : Group Homes5A-35
      • [C] : Animals and Pets5A-37
      • [D] : Mobile Home Restrictions5A-37
      • [E] : Home Businesses5A-41
      • [F] : Rights-of-Way in Residential Neighborhoods5A-43
    • § 5A:3.9 : Restrictions That Violate Public Policy5A-47
    • § 5A:3.10 : Restrictions on Religious Uses5A-48
    • § 5A:3.11 : Restrictions on Communications Facilities5A-49
  • § 5A:4 : Restraints on Alienation5A-50
    • § 5A:4.1 : Types of Restraints5A-50
    • § 5A:4.2 : Partial Restraints5A-51
    • § 5A:4.3 : Buyer Approval Clauses5A-51
    • § 5A:4.4 : Seller Options to Repurchase5A-52
    • § 5A:4.5 : Transfer Fee Covenants5A-53
  • § 5A:5 : Restrictions on Leasing5A-55
  • § 5A:6 : Modifications to Covenants5A-56
  • § 5A:7 : Enforcement Based on General Plan5A-62
    • § 5A:7.1 : Effect of Developer’s Power to Modify Covenants5A-65
    • § 5A:7.2 : Distinction Between Covenants and Defeasible Estates5A-67
  • § 5A:8 : Enforcement Based on Ownership of Grantor’s Retained Land5A-67
  • § 5A:9 : Enforcement of Covenants Among Neighbors5A-73
  • § 5A:10 : Enforcement by Property Owners’ Association5A-77
  • § 5A:11 : Enforcement by Government5A-79
  • § 5A:12 : Duration of Covenants5A-80
    • § 5A:12.1 : Specified Time Periods for Duration5A-80
    • § 5A:12.2 : Termination Due to Changed Conditions5A-82
    • § 5A:12.3 : Effect of Zoning5A-88
    • § 5A:12.4 : Statute of Limitations5A-89
    • § 5A:12.5 : Waiver, Estoppel, Laches, and Abandonment5A-89
    • § 5A:12.6 : Procedural and Remedial Issues5A-95
  • § 5A:13 : Effect of Covenants on Marketability of Title5A-100
    • § 5A:13.1 : Relationship Between Covenant and Restrictions Imposed by Other Laws5A-101
    • § 5A:13.2 : Waiver by Buyer5A-103
    • § 5A:13.3 : Contractual Provisions Respecting Covenants5A-104
    • § 5A:13.4 : Duration and Termination of Covenants5A-107
  • § 5A:14 : Effect of Covenants on Determination of Value in Condemnation5A-111
Chapter 6: Assignments of Contracts of Sale
  • § 6:1 : Buyers’ Assignments6-1
    • § 6:1.1 : Generally6-1
    • § 6:1.2 : Consideration Given for Assignment6-5
    • § 6:1.3 : Mortgage Financing6-7
    • § 6:1.4 : Assumption by Assignee6-9
    • § 6:1.5 : Assignor’s Liability to Seller6-11
    • § 6:1.6 : Nominees6-12
    • § 6:1.7 : Seller’s Fraud6-18
    • § 6:1.8 : Reformation6-20
    • § 6:1.9 : Rescission6-22
  • § 6:2 : Sellers’ Assignments6-24
  • § 6:3 : Statute of Frauds6-26
    • § 6:3.1 : Generally6-26
    • § 6:3.2 : Third-Party Claims6-27
    • § 6:3.3 : Option Contracts6-28
  • § 6:4 : Contract Restrictions on Assignments6-28
  • § 6:5 : Collateral Assignments (Security)6-33
    • § 6:5.1 : Buyers’ Assignments for Security6-33
    • § 6:5.2 : Sellers’ Assignments for Security6-35
  • § 6:6 : Subcontracts6-35
  • § 6:7 : Forms of Assignment of Contracts of Sale6-40
Chapter 7: Contract Remedies
  • § 7:1 : Breach by Buyer7-2
    • § 7:1.1 : Generally7-2
    • § 7:1.2 : Anticipatory Breach7-4
    • § 7:1.3 : Damages7-7
      • [A] : Generally7-7
      • [B] : Loss of Bargain7-7
      • [C] : Resale of Property by Seller7-9
      • [D] : Consequential Damages7-9
      • [E] : Offsets and Counterclaims7-12
      • [F] : Installment Land Contracts7-12
      • [G] : Action for Full Price7-13
    • § 7:1.4 : Specific Performance7-13
    • § 7:1.5 : Forfeiture of Part Payment7-18
      • [A] : Generally7-18
      • [B] : Seller’s Automatic Retention of Payment7-20
      • [C] : Seller’s Retention of Payment Limited to Actual Damages7-21
      • [D] : Seller’s Retention of Payment Depends upon Other Factors7-24
      • [E] : Statutes Governing Seller’s Retention of Payment7-24
      • [F] : Payments Made or Promised After Initial Down Payment7-28
      • [G] : Seller’s Collection on Check or Promissory Note7-28
      • [H] : Installment Land Contracts7-30
      • [I] : Liquidated Damages Clauses7-32
    • § 7:1.6 : Clearing Seller’s Title of Claim by Buyer7-40
    • § 7:1.7 : Vendor’s Lien7-42
      • [A] : Express Vendor’s Lien7-42
      • [B] : Implied Vendor’s Lien7-43
      • [C] : Priority with Respect to Other Liens7-46
      • [D] : Bona Fide Purchasers7-46
      • [E] : Transfer of Vendor’s Lien7-47
      • [F] : Personal Property7-47
    • § 7:1.8 : Rescission7-48
    • § 7:1.9 : Seller’s Election of Remedies7-51
    • § 7:1.10 : Bankruptcy of Buyer7-52
  • § 7:2 : Breach by Seller7-54
    • § 7:2.1 : Generally7-54
    • § 7:2.2 : Anticipatory Breach7-55
    • § 7:2.3 : Damages7-57
      • [A] : Generally7-57
      • [B] : Loss of Bargain7-58
      • [C] : Good-Faith Rule7-63
      • [D] : Consequential Damages7-67
      • [E] : Lost Profits7-70
      • [F] : Statutory Damages7-71
    • § 7:2.4 : Specific Performance7-71
    • § 7:2.5 : Specific Performance with Price Abatement7-78
    • § 7:2.6 : Vendee’s Lien7-84
    • § 7:2.7 : Fraud and Rescission7-88
    • § 7:2.8 : Bankruptcy of Seller7-95
  • § 7:3 : Time for Performance7-96
    • § 7:3.1 : Generally7-96
    • § 7:3.2 : Time of the Essence Doctrine7-98
    • § 7:3.3 : “Time is of the Essence” Notices7-102
Chapter 8: Deeds; and Appendix 8A
  • § 8:1 : Deed Elements8-2
  • § 8:2 : Grantor8-2
    • § 8:2.1 : Generally8-2
    • § 8:2.2 : Grantor’s Competence8-3
    • § 8:2.3 : Grantee’s Undue Influence Over Grantor8-5
    • § 8:2.4 : Other Bases for Setting Aside a Deed8-7
  • § 8:3 : Grantee8-8
    • § 8:3.1 : Generally8-8
    • § 8:3.2 : Married Grantees8-10
    • § 8:3.3 : Corporations and Other Entities8-11
  • § 8:4 : Consideration8-13
  • § 8:5 : Conveyance Taxes8-16
  • § 8:6 : Execution8-19
  • § 8:7 : Delivery8-20
    • § 8:7.1 : Generally8-20
    • § 8:7.2 : Transfer of Deed to Third Person8-22
    • § 8:7.3 : Presumption of Delivery from Recordation8-24
  • § 8:8 : Acceptance of Deed8-25
    • § 8:8.1 : Generally8-25
    • § 8:8.2 : Deed Poll and Deed of Indenture8-27
  • § 8:9 : Acknowledgment8-29
    • § 8:9.1 : Generally8-29
    • § 8:9.2 : Curative Statutes8-32
    • § 8:9.3 : Acknowledgments by Notaries Public8-34
    • § 8:9.4 : Acknowledgments by Other Officers8-34
    • § 8:9.5 : Foreign Acknowledgments and Authentication8-35
  • § 8:10 : Recordation and Constructive Notice8-35
  • § 8:11 : Preparation of Deeds by Non-attorneys8-38
  • § 8:12 : Completion or Alteration of Deed After Execution8-39
  • § 8:13 : Forgery8-40
  • § 8:14 : Covenants of Title8-42
    • § 8:14.1 : Generally8-42
    • § 8:14.2 : Limitation of Warranties8-44
    • § 8:14.3 : “Subject to” Clauses8-47
    • § 8:14.4 : Measure of Damages8-51
    • § 8:14.5 : Estoppel by Deed8-52
  • § 8:15 : Quitclaim Deeds8-53
  • § 8:16 : Transfer on Death Deeds8-55
  • § 8:17 : Exceptions and Reservations8-56
  • § 8:18 : Interests Created by Deed8-58
    • § 8:18.1 : Defeasible Estates8-58
    • § 8:18.2 : Present Estate and Future Interests8-59
    • § 8:18.3 : Conveyances to Railroads8-60
  • § 8:19 : Merger by Deed8-63
  • § 8:20 : Reformation of Deeds8-79
  • Appendix 8A : State-by-State Analysis of Recording ActsApp. 8A-1
Chapter 9: Examination of Title
  • § 9:1 : The Nature of Title Searches9-2
  • § 9:2 : Adverse Possession9-4
  • § 9:3 : Marketable Title Legislation9-9
  • § 9:4 : Statutes Barring Mortgages9-12
  • § 9:5 : Mineral Lapse Statutes9-13
  • § 9:6 : Defeasible Estates and Future Interests9-14
    • § 9:6.1 : Statutory Termination of Future Interests9-15
  • § 9:7 : Record Title9-18
    • § 9:7.1 : Discrepancies in Names in Chain of Title9-21
    • § 9:7.2 : Transfer of Title at Owner’s Death9-23
    • § 9:7.3 : Transfer of Title by Mortgage Foreclosure9-24
    • § 9:7.4 : Transfer of Title by Tax Foreclosure9-25
    • § 9:7.5 : Transfer of Title by Judicial Proceedings9-27
    • § 9:7.6 : Property Rights That Are Not Required to Be Recorded9-28
    • § 9:7.7 : Instruments That Are Not Properly Indexed or Recorded9-30
    • § 9:7.8 : Recorded Instruments That Are Not Entitled to Be of Record9-34
    • § 9:7.9 : Recorded Instruments That Are Outside the Chain of Title9-35
  • § 9:8 : Encumbrances9-35
  • § 9:9 : Inspection of Premises9-36
    • § 9:9.1 : Evidence of Rights from Physical Conditions and Improvements9-36
    • § 9:9.2 : Rights of Possessors and Occupants9-39
      • [A] : Rights of Tenants9-48
      • [B] : Retention of Possession by Grantor After Conveyance9-50
      • [C] : Possession That Is Consistent with Record Title9-51
      • [D] : Statutory Reform9-53
  • § 9:10 : Building Codes and Other Ordinances9-57
    • § 9:10.1 : Certificate of Occupancy9-62
    • § 9:10.2 : Contract Provisions Dealing with Violations9-63
    • § 9:10.3 : Forms for Clauses Dealing with Violations9-68
      • [A] : Purchaser’s Form9-69
      • [B] : Seller’s Form9-70
      • [C] : Neutral Form9-70
  • § 9:11 : Streets9-71
  • § 9:12 : Title Standards9-72
Chapter 9A: Title Products
  • § 9A:1 : Title Abstracts9A-1
  • § 9A:2 : Attorneys’ Title Opinions and Certificates9A-4
  • § 9A:3 : Title Insurance9A-8
    • § 9A:3.1 : Insurable Title and Marketable Title Compared9A-9
    • § 9A:3.2 : Risks Covered by Owner’s Policy9A-11
    • § 9A:3.3 : Providing for Title Insurance in the Contract of Purchase9A-17
    • § 9A:3.4 : Measure of Recovery Under Policy9A-20
    • § 9A:3.5 : Duty of Insurer to Search Title and Disclose Defects9A-24
    • § 9A:3.6 : Liabilities Involving Third Parties9A-26
    • § 9A:3.7 : Lender’s Policy of Title Insurance9A-27
    • § 9A:3.8 : Subrogation After Payment by Insurer9A-28
    • § 9A:3.9 : Policy Forms and Coverages9A-30
  • § 9A:4 : Torrens System: Title Registration9A-35
Chapter 9B: Zoning
  • § 9B:1 : Allocation of Risk to Buyer9B-1
  • § 9B:2 : Zoning Violations at Time of Contract or Conveyance9B-3
    • § 9B:2.1 : Buyer’s Rights Under Contract9B-3
    • § 9B:2.2 : Buyer’s Rights Under Deed Covenants9B-6
  • § 9B:3 : Seller Representations As to Zoning9B-7
  • § 9B:4 : Seller Disclosures Required by Statute9B-9
  • § 9B:5 : Contract Provisions Dealing with Zoning9B-10
  • § 9B:6 : Zoning Amendments9B-10
  • § 9B:7 : Nonconforming Uses9B-13
    • § 9B:7.1 : Termination9B-14
    • § 9B:7.2 : Change in Ownership9B-16
  • § 9B:8 : Variances9B-18
  • § 9B:9 : Subdivision Regulations9B-20
  • § 9B:10 : Moratoria on Building or Development9B-22
  • § 9B:11 : Other Public Land Use Regulations9B-24
Chapter 10: Land Descriptions and Boundaries
  • § 10:1 : Contract Descriptions10-2
  • § 10:2 : Seller’s Representations of Boundaries or Area10-3
  • § 10:3 : Sales in Gross or by Area10-4
  • § 10:4 : Roads and Access10-10
  • § 10:5 : Appurtenant Rights10-11
  • § 10:6 : Surveys10-12
    • § 10:6.1 : Nature and Purpose10-12
    • § 10:6.2 : Types of Surveys10-13
    • § 10:6.3 : Monuments10-14
    • § 10:6.4 : Courses and Magnetic North10-17
    • § 10:6.5 : Surveyor Liability10-17
    • § 10:6.6 : Survey and Title Insurance10-19
  • § 10:7 : Adequacy of Descriptions in Contracts of Sale10-20
    • § 10:7.1 : Generally10-20
    • § 10:7.2 : Street Address References10-23
    • § 10:7.3 : Sale of Part of Seller’s Parcel10-25
    • § 10:7.4 : Parol Evidence10-26
    • § 10:7.5 : Possession Taken by Buyer10-28
  • § 10:8 : Adequacy of Descriptions in Conveyances10-29
    • § 10:8.1 : Generally10-29
    • § 10:8.2 : Streets10-32
    • § 10:8.3 : Private Roads10-34
    • § 10:8.4 : Strip and Gore Doctrine10-35
    • § 10:8.5 : Improvements and Fixtures10-38
    • § 10:8.6 : Maps and Plats10-40
    • § 10:8.7 : Easements and Appurtenances10-44
    • § 10:8.8 : Rivers and Other Waters10-48
    • § 10:8.9 : Reference to Source of Title10-50
    • § 10:8.10 : Vagueness of Description10-55
    • § 10:8.11 : Lands Held Adversely10-58
    • § 10:8.12 : Missing Attachments or Exhibits10-60
  • § 10:9 : Rules for Resolving Conflicts in Descriptions10-60
    • § 10:9.1 : Generally10-60
    • § 10:9.2 : Subdivision Mistakes10-63
  • § 10:10 : Practical Location of Boundaries10-64
    • § 10:10.1 : Generally10-64
    • § 10:10.2 : Boundary by Informal Agreement10-65
    • § 10:10.3 : Boundary by Acquiescence10-68
    • § 10:10.4 : Boundary by Estoppel10-74
Chapter 11: Closing Process
  • § 11:1 : Transfer of Possession11-1
    • § 11:1.1 : Generally11-1
    • § 11:1.2 : Possession by Buyer Before Closing11-4
      • [A] : Eviction of Defaulting Buyer11-4
      • [B] : Improvements Made by Buyer11-6
      • [C] : Liability for Waste and Rental Value11-10
      • [D] : Seller’s Title11-13
      • [E] : Action Against Third Person for Damage11-14
    • § 11:1.3 : Possession by Seller After Closing11-14
    • § 11:1.4 : Tenants in Possession After Closing11-15
  • § 11:2 : Postponement of Closing11-16
    • § 11:2.1 : Generally11-16
    • § 11:2.2 : Seller in Possession11-18
    • § 11:2.3 : Buyer in Possession11-20
    • § 11:2.4 : Stipulations for Adjournment11-21
  • § 11:3 : Medium of Payment11-23
    • § 11:3.1 : Generally11-23
    • § 11:3.2 : Cash Payments11-28
    • § 11:3.3 : Payments Made Before Closing11-29
    • § 11:3.4 : “Good Funds” Laws11-29
Chapter 12: Closing Adjustments
  • § 12:1 : Absence of Contractual Provisions12-2
    • § 12:1.1 : Generally12-2
    • § 12:1.2 : Taxes and Assessments12-3
    • § 12:1.3 : Interest on Mortgages and Liens12-6
    • § 12:1.4 : Insurance12-6
    • § 12:1.5 : Mistakes12-6
    • § 12:1.6 : Closing Costs12-8
  • § 12:2 : Rent12-9
    • § 12:2.1 : Generally12-9
    • § 12:2.2 : Percentage Rent12-10
    • § 12:2.3 : Rent Adjustments Based on Expenses12-11
    • § 12:2.4 : Rent Control Laws12-13
  • § 12:3 : Rent Security12-13
    • § 12:3.1 : Generally12-13
    • § 12:3.2 : Application of U.C.C. Article 912-16
  • § 12:4 : Taxes12-20
    • § 12:4.1 : Generally12-20
    • § 12:4.2 : Special Assessments12-23
    • § 12:4.3 : Apportionment of Income Tax Deduction12-23
  • § 12:5 : Water and Utilities12-25
  • § 12:6 : Insurance12-26
  • § 12:7 : Fuel12-28
  • § 12:8 : Wages12-28
  • § 12:9 : Service Contracts12-29
  • § 12:10 : Submetering of Electricity12-30
  • § 12:11 : Deferred Brokerage Commissions12-31
Chapter 13: Closing Documents
  • § 13:1 : Instruments and Papers to Be Delivered at Closing13-1
    • § 13:1.1 : The Deed13-2
    • § 13:1.2 : Mortgage Papers13-2
    • § 13:1.3 : Title Insurance13-3
    • § 13:1.4 : Leases and Rental Agreements13-3
    • § 13:1.5 : Casualty Insurance and other Insurance Policies13-7
    • § 13:1.6 : Employees’ Contracts13-8
    • § 13:1.7 : Utility Contracts13-8
    • § 13:1.8 : Service Contracts13-8
    • § 13:1.9 : Installment Contracts for Purchase or Lease of Goods13-8
    • § 13:1.10 : Guaranty of Construction, Repairs, and Alterations13-9
    • § 13:1.11 : Awards and Claims13-9
    • § 13:1.12 : Building Certificates—Vault Permits13-10
  • § 13:2 : Preparation for Closing13-11
    • § 13:2.1 : Generally13-11
    • § 13:2.2 : Seller’s Attorney—Checklist for Closing13-14
    • § 13:2.3 : Buyer’s Attorney—Checklist for Closing13-16
  • § 13:3 : Closing Statement13-17
    • § 13:3.1 : Generally13-17
    • § 13:3.2 : Sample Seller’s Closing Statement13-18
    • § 13:3.3 : Buyer’s Closing Statement13-25
  • § 13:4 : Conduct of Closing13-26
Appendix A: Customs in Respect to Title Closings Recommended by the Real Estate Board of New York, Inc.
Appendix B: Checklist for Buyer
Appendix C: Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys
  Table of Authorities
  Index

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