TreatiseTreatise

Friedman and Smith on Contracts and Conveyances of Real Property (8th Edition)

 by James C Smith
 
 Copyright: 2017

 Product Details >> 

Product Details

  • ISBN Number: 9781402429842
  • Page Count: 1570
  • Number of Volumes: 3
  •  

“The ‘bible’ for any lawyer handling a real estate conveyance.”
– The Business Lawyer

“This book should be required reading for all attorneys who intend to represent a party to the sale of real estate.”
– American Bar Association Journal

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 Eighth Edition
  Table of Contents
Chapter 1: Contracts of Sale
  • § 1:1 : Introduction1-2
  • § 1:2 : Conditions1-3
    • § 1:2.1 : Satisfaction Clauses1-7
    • § 1:2.2 : Effect of Failure of Conditions1-9
    • § 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 Acceptance1-16
      • [D] : Time for Acceptance1-18
      • [E] : New Terms in Purported Acceptance1-18
    • § 1:4.2 : Mutuality of Obligation1-21
    • § 1:4.3 : Definiteness1-23
  • § 1:5 : Letters of Intent, Binders, and Memoranda1-28
  • § 1:6 : Options and Preemptive Rights1-31
    • § 1:6.1 : Consideration1-31
    • § 1:6.2 : Exercise of the Option1-33
    • § 1:6.3 : Preemptive Rights1-35
  • § 1:7 : Good Faith and Fair Dealing1-35
  • § 1:8 : Attorney-Client Relationships1-37
    • § 1:8.1 : Attorney Approval Clauses1-37
      • [A] : New York Attorney Approval Clause: An Unfettered Right to Terminate1-40
      • [B] : New Jersey Attorney Approval Clause: Mandatory Term in Broker-Prepared Residential Contract1-44
    • § 1:8.2 : Attorney’s Representation of Seller and Buyer1-46
  • § 1:9 : Contract Defenses1-49
    • § 1:9.1 : Mutual Mistake1-49
    • § 1:9.2 : Frustration of Purpose1-50
    • § 1:9.3 : Impossibility and Impracticability1-50
  • § 1:10 : Bankruptcy of Seller or Buyer1-51
  • § 1:11 : Choice of Law1-53
Chapter 2: Parties to Contracts
  • § 2:1 : Seller’s Name2-1
  • § 2:2 : Buyer’s Name2-3
  • § 2:3 : Non-Signing Owners2-4
    • § 2:3.1 : Married Sellers2-4
    • § 2:3.2 : Other Non-Signing Owners2-7
  • § 2:4 : Persons Named As Parties Who Do Not Sign2-7
  • § 2:5 : Capacity to Contract2-9
  • § 2:6 : Death of a Party2-11
  • § 2:7 : Multiple Buyers and First Refusal Rights2-13
  • § 2:8 : Tax Considerations2-15
Chapter 3: Assignments of Contracts
  • § 3:1 : Buyers’ Assignments3-1
    • § 3:1.1 : Introduction3-1
    • § 3:1.2 : Consideration Given for Assignment3-5
    • § 3:1.3 : Mortgage Financing3-7
    • § 3:1.4 : Assumption by Assignee3-9
    • § 3:1.5 : Assignor’s Liability to Seller3-11
    • § 3:1.6 : Nominees3-12
    • § 3:1.7 : Seller’s Fraud3-18
    • § 3:1.8 : Reformation3-20
    • § 3:1.9 : Rescission3-22
  • § 3:2 : Sellers’ Assignments3-24
  • § 3:3 : Statute of Frauds3-26
    • § 3:3.1 : Introduction3-26
    • § 3:3.2 : Third-Party Claims3-27
    • § 3:3.3 : Option Contracts3-28
  • § 3:4 : Contract Restrictions on Assignments3-28
  • § 3:5 : Collateral Assignments (Security)3-33
    • § 3:5.1 : Buyers’ Assignments for Security3-33
    • § 3:5.2 : Sellers’ Assignments for Security3-35
  • § 3:6 : Subcontracts3-35
  • § 3:7 : Forms of Assignment of Contracts of Sale3-40
Chapter 4: Purchase Price and Consideration
  • § 4:1 : Purchase Price4-1
    • § 4:1.1 : Introduction4-1
    • § 4:1.2 : Term Providing for Method to Determine Price4-3
    • § 4:1.3 : Term Leaving Price Open for Future Agreement4-3
    • § 4:1.4 : Term Providing for Maximum or Minimum Price4-4
    • § 4:1.5 : Adjustments Based upon Future Events4-5
    • § 4:1.6 : Adjustments for Taxes and Other Charges4-5
    • § 4:1.7 : Time of Payment4-6
    • § 4:1.8 : Non-Cash Consideration4-11
  • § 4:2 : Deposits and Escrow Payments4-11
    • § 4:2.1 : Introduction4-11
    • § 4:2.2 : Payment to Escrow Agent4-13
    • § 4:2.3 : Loss Due to Misappropriation by Escrow Agent4-15
Chapter 5: Statute of Frauds
  • § 5:1 : Introduction5-1
  • § 5:2 : Essential Terms5-2
  • § 5:3 : Distinction Between Memorandum and Oral Agreement5-5
  • § 5:4 : Signature Requirement5-6
  • § 5:5 : Multiple Writings5-8
  • § 5:6 : Delivery5-9
  • § 5:7 : Admission of Contract5-10
  • § 5:8 : Effect of Unenforceable Contract5-10
  • § 5:9 : Rescission and Modification5-13
  • § 5:10 : Part Performance5-15
Chapter 6: Standard Clauses in Contracts of Sale
  • § 6:1 : Brokers6-2
  • § 6:2 : Personal Property Included in Sale6-4
    • § 6:2.1 : Fixtures6-4
    • § 6:2.2 : Personal Property6-5
  • § 6:3 : Leases6-7
  • § 6:4 : Closing Adjustments6-10
    • § 6:4.1 : Continuing Mortgages6-10
    • § 6:4.2 : Insurance Policies6-11
    • § 6:4.3 : Rents6-11
    • § 6:4.4 : Real Property Taxes6-12
  • § 6:5 : Assessments6-14
  • § 6:6 : Streets6-16
  • § 6:7 : Violations of Law6-17
  • § 6:8 : Government Permits, Certificates, and Licenses6-20
  • § 6:9 : Subdivision and Zoning Approvals6-21
  • § 6:10 : Form of Deed6-25
  • § 6:11 : Transfer Taxes6-25
  • § 6:12 : Place of Closing6-26
  • § 6:13 : Survey6-26
  • § 6:14 : Possession6-29
  • § 6:15 : Risk of Loss6-30
  • § 6:16 : Tax Proceedings6-31
  • § 6:17 : Limitation of Purchaser’s Liability6-32
  • § 6:18 : Maintenance of Property6-33
  • § 6:19 : Purchase of House Under Construction6-35
  • § 6:20 : Seller’s Construction of Improvements6-39
  • § 6:21 : Multiple Contracts for Assembling Several Properties6-40
  • § 6:22 : Purchase Contingent on Buyer’s Sale of Other Property6-42
  • § 6:23 : Feasibility Studies6-44
  • § 6:24 : Approval of Other Persons6-45
  • § 6:25 : Arbitration6-46
Chapter 7: Property Quality
  • § 7:1 : Introduction7-1
  • § 7:2 : Inspection Provisions7-2
    • § 7:2.1 : Sample Radon Inspection Clause7-5
  • § 7:3 : Express Warranties of Quality7-5
  • § 7:4 : Implied Warranties of Quality7-7
    • § 7:4.1 : Recovery by Subsequent Buyers7-21
    • § 7:4.2 : Lender Liability7-26
    • § 7:4.3 : Disclaimers of Implied Warranties7-27
  • § 7:5 : Statutory Warranties of Quality7-29
  • § 7:6 : Warranties of Quality for Manufactured Homes and Mobile Homes7-32
  • § 7:7 : Seller’s Disclosure Duties7-33
    • § 7:7.1 : Implied Duties7-33
    • § 7:7.2 : Statutory Duties7-39
    • § 7:7.3 : Off-Site Conditions7-44
    • § 7:7.4 : Stigmatized Property7-46
  • § 7:8 : Buyer’s Disclosure Duties7-49
  • § 7:9 : Broker’s Duties7-50
  • § 7:10 : Rescission for Mutual Mistake7-53
  • § 7:11 : The Remnants of Caveat Emptor7-56
    • § 7:11.1 : “As is” Clauses7-60
    • § 7:11.2 : Merger Clauses7-64
  • § 7:12 : Contingency Escrows7-65
  • § 7:13 : Liability for Personal Injuries7-67
Chapter 8: Misrepresentations by Sellers and Buyers
  • § 8:1 : Misrepresentations by Sellers8-1
    • § 8:1.1 : Assertion of Fact8-2
    • § 8:1.2 : Representations Made by Agent8-4
    • § 8:1.3 : Distinguishing Between Fact and Opinion8-4
    • § 8:1.4 : Representation of Law8-5
    • § 8:1.5 : Partial Disclosure8-6
    • § 8:1.6 : Active Concealment of Defects8-7
    • § 8:1.7 : Physical Appearance of Property As Assertion8-8
    • § 8:1.8 : Third-Party Reports8-9
    • § 8:1.9 : Representations Made to Third Parties8-9
    • § 8:1.10 : Representations by Builders8-9
    • § 8:1.11 : New Fact Showing Prior Assertion Is False8-10
    • § 8:1.12 : Materiality8-10
    • § 8:1.13 : Reliance by Purchaser8-10
    • § 8:1.14 : Matters of Public Record8-16
    • § 8:1.15 : Representations Made after Contract Execution8-17
    • § 8:1.16 : “As is” Clauses and Disclaimers8-17
    • § 8:1.17 : Remedies for Misrepresentation8-19
  • § 8:2 : Misrepresentations by Buyers8-21
Chapter 9: Mortgage Financing
  • § 9:1 : Basic Mortgage Principles9-2
    • § 9:1.1 : Introduction9-2
    • § 9:1.2 : Clogging the Equity of Redemption9-6
    • § 9:1.3 : Disguised Mortgages9-7
  • § 9:2 : New Mortgage from Third Party9-11
    • § 9:2.1 : Introduction9-11
    • § 9:2.2 : Buyer’s Affirmative Obligation to Seek the Mortgage9-13
      • [A] : Down Payment9-14
      • [B] : “Reasonable Efforts”9-16
      • [C] : Conditions9-21
      • [D] : Mortgage Terms9-23
      • [E] : Lenders9-25
    • § 9:2.3 : Single or Multiple Loan Applications9-27
    • § 9:2.4 : Waiver of Mortgage Condition9-29
    • § 9:2.5 : Seller Financing As Substitute for Institutional Loan9-32
    • § 9:2.6 : Commitment Fees9-34
    • § 9:2.7 : Lender’s Revocation of Commitment9-37
  • § 9:3 : Seller’s Purchase Money Mortgage9-38
  • § 9:4 : Discharge of Mortgage9-43
    • § 9:4.1 : Discharge by Mistake or Fraud9-43
    • § 9:4.2 : Merger9-43
    • § 9:4.3 : Deed in Lieu of Foreclosure9-46
  • § 9:5 : Mortgage Bond or Note9-49
  • § 9:6 : Expenses of Mortgage9-50
  • § 9:7 : Release of Part of Mortgaged Premises9-50
    • § 9:7.1 : Sample Forms of Release9-57
Chapter 10: Existing Mortgages—Continuation After Sale
  • § 10:1 : Planning and Drafting Considerations10-1
  • § 10:2 : Distinction Between Assumption and Taking Subject to Mortgage10-10
  • § 10:3 : Liabilities After Assumption10-13
  • § 10:4 : Exoneration of Debt After Mortgagor’s Death10-19
Chapter 11: Junior Mortgages
  • § 11:1 : Introduction11-1
  • § 11:2 : Equitable Subrogation Doctrine11-9
  • § 11:3 : Subordination Agreements11-15
  • § 11:4 : Wraparound Mortgages11-17
Chapter 12: New York Statutory Form Mortgage
  • § 12:1 : Introduction12-2
  • § 12:2 : Payment of Indebtedness12-3
  • § 12:3 : Insurance12-4
    • § 12:3.1 : Purchase of Insurance by Mortgagee12-6
    • § 12:3.2 : Restoration of Premises12-9
    • § 12:3.3 : Application of Insurance Proceeds to Debt12-12
    • § 12:3.4 : Claims of Co-Owners and Holders of Other Interests12-13
    • § 12:3.5 : Transfers of Mortgaged Premises or Mortgage Loan12-17
    • § 12:3.6 : Mortgagee Endorsements12-19
    • § 12:3.7 : Mortgagee’s Acquisition of Title Before Insured Loss12-23
    • § 12:3.8 : Mortgagee’s Acquisition of Title After Insured Loss12-25
    • § 12:3.9 : Loss Payable Endorsement12-28
    • § 12:3.10 : Liability of Mortgagee for Insurance Premiums12-29
    • § 12:3.11 : Installment Land Contracts12-29
  • § 12:4 : Building Removal12-31
  • § 12:5 : Acceleration of Debt12-32
    • § 12:5.1 : Notice of Acceleration12-38
    • § 12:5.2 : Reinstatement After Acceleration12-40
  • § 12:6 : Appointment of Receiver12-41
  • § 12:7 : Payment of Taxes and Charges12-49
  • § 12:8 : Estoppel Certificate12-50
  • § 12:9 : Notices12-52
  • § 12:10 : Warranty of Title12-52
  • § 12:11 : Adding Other Clauses to New York Statutory Form12-53
Chapter 13: Standard Clauses in Mortgages
  • § 13:1 : Dragnet13-2
  • § 13:2 : Due-on-Sale13-4
    • § 13:2.1 : History13-4
    • § 13:2.2 : Garn-St. Germain Depositary Institutions Act13-5
      • [A] : Automatic Enforceability13-5
      • [B] : Scope13-5
      • [C] : Exemption for Nonsubstantive Transfers13-7
      • [D] : Case Law13-8
    • § 13:2.3 : Express Standards in Due-on-Sale Clause13-11
    • § 13:2.4 : Cure of Violation13-12
    • § 13:2.5 : Fannie Mae/Freddie Mac Uniform Instruments13-13
    • § 13:2.6 : Commercial Property13-14
  • § 13:3 : Purchase Money Mortgage13-15
  • § 13:4 : Description of Mortgaged Property13-20
    • § 13:4.1 : Introduction13-20
    • § 13:4.2 : Fixtures and Personal Property13-21
    • § 13:4.3 : After-Acquired Fixtures and Personal Property13-23
  • § 13:5 : Waste13-24
  • § 13:6 : Non-Recourse13-27
  • § 13:7 : Maintenance of Premises in Good Condition13-31
  • § 13:8 : Prepayment13-32
  • § 13:9 : “Brundage” Clause13-43
  • § 13:10 : Sale in One Parcel13-43
  • § 13:11 : Lien Clause13-44
  • § 13:12 : Condemnation13-45
  • § 13:13 : Attorneys’ Fees13-46
  • § 13:14 : Corporate Execution13-46
  • § 13:15 : Lease Modification13-47
  • § 13:16 : Survival of Mortgagor’s Liability13-48
  • § 13:17 : Escrow Deposits13-50
  • § 13:18 : Transferable Development Rights13-52
Chapter 14: Marketable Title
  • § 14:1 : Buyer’s Right to Marketable Title14-2
    • § 14:1.1 : Definitions14-2
      • [A] : Good in Fact14-3
      • [B] : Free from Reasonable Doubt14-4
      • [C] : Other Considerations14-6
    • § 14:1.2 : Hazard of Litigation and Pending Litigation14-9
    • § 14:1.3 : Access to the Property14-11
    • § 14:1.4 : Governmental Approvals14-11
  • § 14:2 : Judicial Determination14-12
    • § 14:2.1 : Marketable Title As Question of Law or Question of Fact14-12
    • § 14:2.2 : Burden of Proof14-14
  • § 14:3 : Time When Title Must Be Marketable14-14
  • § 14:4 : Contract Provisions on Title Quality14-15
    • § 14:4.1 : Encumbrances on Title14-18
    • § 14:4.2 : Buyer’s Acceptance Adds Title Requirement14-19
    • § 14:4.3 : Relationship Between Marketable Title and Deed14-20
    • § 14:4.4 : Interpreting Contract Provisions14-23
  • § 14:5 : Defects in Land Descriptions14-27
  • § 14:6 : Party Walls14-28
    • § 14:6.1 : Party Wall on Boundary Line As Encumbrance14-35
    • § 14:6.2 : Party Wall Agreements14-37
    • § 14:6.3 : Walls Wholly on One Parcel14-44
  • § 14:7 : Cure of Title Defects14-48
    • § 14:7.1 : Correction Deeds14-48
    • § 14:7.2 : Affidavits14-48
    • § 14:7.3 : Lapse of Time14-50
    • § 14:7.4 : Estoppel14-51
  • § 14:8 : Buyer’s Waiver of Title Defects14-52
  • § 14:9 : Buyer’s Knowledge of Defects14-53
Chapter 15: Encumbrances
  • § 15:1 : The Nature of Encumbrances15-1
  • § 15:2 : Mortgages15-4
    • § 15:2.1 : Mortgages Barred by Passage of Time15-7
    • § 15:2.2 : Merger of Mortgage and Fee15-10
    • § 15:2.3 : Mortgage Foreclosure15-12
  • § 15:3 : Leases15-13
  • § 15:4 : Taxes, Assessments, and Water Charges15-17
  • § 15:5 : Marital Property Rights15-22
  • § 15:6 : Judgment Liens15-25
  • § 15:7 : Mechanics’ Liens15-30
  • § 15:8 : Decedent’s Debts15-32
  • § 15:9 : Outstanding Conveyance or Contract of Sale15-33
    • § 15:9.1 : Subsequent Grantee As Bona Fide Purchaser15-35
    • § 15:9.2 : Lis Pendens15-39
    • § 15:9.3 : Recorded Contracts of Sale15-39
  • § 15:10 : Disposition of Encumbrance on Law Day15-41
    • § 15:10.1 : Time When Title Must Be Marketable15-41
    • § 15:10.2 : Tender, Performance, and Deductions from Price15-45
    • § 15:10.3 : Sample Contract Clauses15-54
  • § 15:11 : Other Recorded Documents15-56
Chapter 16: Encroachments
  • § 16:1 : The Nature of Encroachments and Projections16-1
  • § 16:2 : Overhead Projections As Easements16-3
  • § 16:3 : Remedies for Encroachments16-7
    • § 16:3.1 : Self-Help16-8
    • § 16:3.2 : Damages16-8
    • § 16:3.3 : Ejectment16-10
    • § 16:3.4 : Equitable Remedies16-12
  • § 16:4 : Encroachments from Neighboring Property16-19
  • § 16:5 : Encroachments onto Neighboring Property16-21
    • § 16:5.1 : Agreement with Adjoining Owner16-23
    • § 16:5.2 : Adverse Possession or Prescription16-24
    • § 16:5.3 : Practical Location16-25
    • § 16:5.4 : Statutory Right16-26
    • § 16:5.5 : Severance of Common Ownership16-27
  • § 16:6 : Street Encroachments16-31
    • § 16:6.1 : New York16-33
  • § 16:7 : Contractual Provisions Respecting Encroachments16-37
Chapter 17: Adverse Possession and Prescription
  • § 17:1 : Introduction17-2
  • § 17:2 : Adverse Possession and Record Title17-2
  • § 17:3 : Standard Elements17-3
    • § 17:3.1 : Actual Possession17-3
    • § 17:3.2 : Hostile and Adverse Possession17-5
    • § 17:3.3 : Open and Notorious Possession17-9
    • § 17:3.4 : Exclusive Possession17-10
    • § 17:3.5 : Continuous Possession17-10
    • § 17:3.6 : Additional Requirements17-11
      • [A] : Good Faith17-12
      • [B] : Claim of Right17-13
      • [C] : Payment of Taxes17-15
  • § 17:4 : Tacking Among Successive Possessors17-16
  • § 17:5 : Color of Title17-17
    • § 17:5.1 : Reduced Statutory Period17-18
    • § 17:5.2 : Constructive Adverse Possession17-18
  • § 17:6 : Disability Provisions17-19
  • § 17:7 : Effect of Adverse Possession on Other Property Rights17-20
    • § 17:7.1 : Future Interests17-20
    • § 17:7.2 : Servitudes17-21
    • § 17:7.3 : Mortgages17-21
  • § 17:8 : Grantor Who Remains in Possession After Conveyance17-22
  • § 17:9 : Nature of Title Obtained by Adverse Possession17-25
  • § 17:10 : Adverse Possession by and Against the Government17-25
  • § 17:11 : Marketable Title and Adverse Possession17-27
  • § 17:12 : Mineral Lapse Statutes17-29
  • § 17:13 : Prescriptive Easements17-30
Chapter 18: Risk of Loss and Condemnation
  • § 18:1 : Risk of Loss18-1
    • § 18:1.1 : Majority Rule: Risk on Purchaser18-1
      • [A] : Insurance Proceeds18-6
      • [B] : Other Compensation18-10
    • § 18:1.2 : Minority Rule: Risk on Seller18-11
    • § 18:1.3 : Uniform Vendor and Purchaser Risk Act18-15
    • § 18:1.4 : Contract Provisions on Risk of Loss18-17
    • § 18:1.5 : Gradual Deterioration of Property18-20
  • § 18:2 : Condemnation18-21
  • § 18:3 : Effect of Condemnation or Injury on Option to Purchase18-28
Chapter 19: Easements—Creation
  • § 19:1 : General Effect of Easements on Title19-2
  • § 19:2 : Types of Easements19-6
    • § 19:2.1 : Public Roads19-6
    • § 19:2.2 : Private Rights-of-Way19-7
    • § 19:2.3 : Railroad Rights-of-Way19-8
    • § 19:2.4 : Parks19-9
    • § 19:2.5 : Sewers19-9
    • § 19:2.6 : Water Pipes and Water Rights19-10
    • § 19:2.7 : Dams19-10
    • § 19:2.8 : Drainage of Surface Waters19-11
    • § 19:2.9 : Canals, Irrigation Ditches, and Levees19-13
    • § 19:2.10 : Mineral and Oil Rights19-13
    • § 19:2.11 : Public Utilities19-14
    • § 19:2.12 : Public Rights19-16
    • § 19:2.13 : Easements of View19-17
  • § 19:3 : Non-Express Easements19-18
    • § 19:3.1 : Easements Implied from Prior Use19-18
      • [A] : Introduction19-18
      • [B] : Distinction Between Grant and Reservation19-20
      • [C] : Simultaneous Conveyances to Multiple Grantees19-22
      • [D] : Degree of Necessity19-23
      • [E] : Modern Trend in Favor of Implied Easements19-25
      • [F] : Role of Parties’ Intent19-27
      • [G] : Apparent Use19-29
      • [H] : Use at Time of Severance19-30
      • [I] : Common Ownership19-32
      • [J] : Method of Severance19-33
      • [K] : Duration of Implied Easement19-34
      • [L] : Forms Used in Contracts19-36
      • [M] : Easements for Light, Air, and View19-38
    • § 19:3.2 : Easements by Necessity19-40
      • [A] : Common Ownership19-41
      • [B] : Severance19-41
      • [C] : Degree of Necessity19-42
      • [D] : Continuing Necessity19-43
      • [E] : Extent of Rights19-44
      • [F] : Statutory Ways of Necessity19-45
    • § 19:3.3 : Easements by Estoppel19-45
  • § 19:4 : Buyer’s Consent to Easements19-47
  • § 19:5 : Location of Easements19-50
  • § 19:6 : Lateral Support19-54
Chapter 20: Easements—Scope and Termination
  • § 20:1 : Scope of Easements20-1
    • § 20:1.1 : Introduction20-1
    • § 20:1.2 : Reasonable Use by Easement Holder20-3
    • § 20:1.3 : Improvements20-11
    • § 20:1.4 : Repair and Maintenance20-12
      • [A] : Generally20-12
      • [B] : Liability to Third Parties20-16
    • § 20:1.5 : Concurrent Use by Multiple Easement Holders20-17
    • § 20:1.6 : Servient Owner’s Use of Easement Area20-17
    • § 20:1.7 : Servient Owner’s Interference with Easement Rights20-18
  • § 20:2 : Termination of Easements20-20
    • § 20:2.1 : Termination by Abandonment20-22
    • § 20:2.2 : Termination by Merger20-24
    • § 20:2.3 : Termination by Destruction of Improvements20-25
    • § 20:2.4 : Termination by Adverse Possession20-26
    • § 20:2.5 : Effect of Foreclosure Sales20-28
Chapter 21: Covenants—Creation
  • § 21:1 : The Nature of Covenants21-1
  • § 21:2 : Creation by Subdivision Plat21-2
  • § 21:3 : Restraints on Alienation21-3
    • § 21:3.1 : Types of Restraints21-3
    • § 21:3.2 : Partial Restraints21-4
    • § 21:3.3 : Buyer Approval Clauses21-4
    • § 21:3.4 : Seller Options to Repurchase21-5
    • § 21:3.5 : Transfer Fee Covenants21-6
  • § 21:4 : Restrictions on Leasing21-9
  • § 21:5 : Modifications to Covenants21-10
  • § 21:6 : Enforcement Based on General Plan21-15
    • § 21:6.1 : Effect of Developer’s Power to Modify Covenants21-19
    • § 21:6.2 : Distinction Between Covenants and Defeasible Estates21-21
  • § 21:7 : Enforcement Based on Ownership of Grantor’s Retained Land21-21
  • § 21:8 : Enforcement of Covenants Among Neighbors21-26
  • § 21:9 : Enforcement by Property Owners’ Association21-30
  • § 21:10 : Enforcement by Government21-33
  • § 21:11 : Effect of Covenants on Marketability of Title21-34
    • § 21:11.1 : Relationship Between Covenant and Restrictions Imposed by Other Laws21-35
    • § 21:11.2 : Waiver by Buyer21-38
    • § 21:11.3 : Contractual Provisions Respecting Covenants21-38
  • § 21:12 : Effect of Covenants on Determination of Value in Condemnation21-41
Chapter 22: Covenants—Scope and Termination
  • § 22:1 : Scope and Construction of Covenants22-2
    • § 22:1.1 : Methods of Interpretation and Construction22-2
      • [A] : Plain Meaning Rule and Contextual Approach22-3
      • [B] : Strict Construction Versus Ordinary Meaning22-5
    • § 22:1.2 : Setback Restrictions22-6
    • § 22:1.3 : Size Restrictions for Lots and Buildings22-9
    • § 22:1.4 : Height Restrictions22-9
    • § 22:1.5 : Architectural and Building Restrictions22-12
      • [A] : Distinction Between Erecting Buildings and Use of Property22-12
      • [B] : Rejection of the Erection-Use Distinction22-13
      • [C] : Scope of the Term “Building”22-15
      • [D] : Scope of the Term “Structure”22-16
      • [E] : Restrictions on Fences22-17
      • [F] : Restrictions on Architectural Style and Building Materials22-17
      • [G] : Approval by Developer or Other Entity22-18
    • § 22:1.6 : Restrictions on Business Uses22-23
    • § 22:1.7 : Sign Restrictions22-25
    • § 22:1.8 : Residential Use Restrictions22-26
      • [A] : “Single-Family” Restrictions22-29
      • [B] : Group Homes22-34
      • [C] : Animals and Pets22-35
      • [D] : Mobile Home Restrictions22-36
      • [E] : Home Businesses22-39
      • [F] : Rights-of-Way in Residential Neighborhoods22-42
    • § 22:1.9 : Restrictions That Violate Public Policy22-46
    • § 22:1.10 : Restrictions on Religious Uses22-47
    • § 22:1.11 : Restrictions on Communications Facilities22-48
  • § 22:2 : Termination of Covenants22-49
    • § 22:2.1 : Duration Unlimited or Unstated22-49
    • § 22:2.2 : Specified Time Periods for Duration22-49
    • § 22:2.3 : Statutory Time Limits22-51
    • § 22:2.4 : Termination Due to Changed Conditions22-52
    • § 22:2.5 : Effect of Zoning22-57
    • § 22:2.6 : Statute of Limitations22-59
    • § 22:2.7 : Waiver, Estoppel, Laches, and Abandonment22-59
    • § 22:2.8 : Merger22-65
    • § 22:2.9 : Foreclosure22-65
    • § 22:2.10 : Release by Benefitted Parties22-66
    • § 22:2.11 : Procedural and Remedial Issues22-67
Chapter 23: Contract Remedies for Buyer Default
  • § 23:1 : Introduction23-2
  • § 23:2 : Anticipatory Breach23-3
  • § 23:3 : Damages23-6
    • § 23:3.1 : Introduction23-6
    • § 23:3.2 : Loss of Bargain23-6
    • § 23:3.3 : Resale of Property by Seller23-9
    • § 23:3.4 : Consequential Damages23-9
    • § 23:3.5 : Offsets and Counterclaims23-12
    • § 23:3.6 : Installment Land Contracts23-12
    • § 23:3.7 : Action for Full Price23-12
  • § 23:4 : Specific Performance23-13
  • § 23:5 : Forfeiture of Part Payment23-17
    • § 23:5.1 : Introduction23-17
    • § 23:5.2 : Seller’s Automatic Retention of Payment23-19
    • § 23:5.3 : Seller’s Retention of Payment Limited to Actual Damages23-21
    • § 23:5.4 : Seller’s Retention of Payment Depends upon Other Factors23-23
    • § 23:5.5 : Statutes Governing Seller’s Retention of Payment23-24
    • § 23:5.6 : Payments Made or Promised After Initial Down Payment23-27
    • § 23:5.7 : Seller’s Collection on Check or Promissory Note23-28
    • § 23:5.8 : Installment Land Contracts23-30
    • § 23:5.9 : Liquidated Damages Clauses23-32
  • § 23:6 : Clearing Seller’s Title of Claim by Buyer23-40
  • § 23:7 : Vendor’s Lien23-41
    • § 23:7.1 : Express Vendor’s Lien23-42
    • § 23:7.2 : Implied Vendor’s Lien23-42
    • § 23:7.3 : Priority with Respect to Other Liens23-45
    • § 23:7.4 : Bona Fide Purchasers23-46
    • § 23:7.5 : Transfer of Vendor’s Lien23-47
    • § 23:7.6 : Personal Property23-47
  • § 23:8 : Rescission23-48
  • § 23:9 : Seller’s Election of Remedies23-51
  • § 23:10 : Bankruptcy of Buyer23-52
Chapter 24: Contract Remedies for Seller Default
  • § 24:1 : Introduction24-1
  • § 24:2 : Anticipatory Breach24-3
  • § 24:3 : Damages24-4
    • § 24:3.1 : Introduction24-4
    • § 24:3.2 : Loss of Bargain24-6
    • § 24:3.3 : Good-Faith Rule24-10
    • § 24:3.4 : Consequential Damages24-15
    • § 24:3.5 : Lost Profits24-18
    • § 24:3.6 : Statutory Damages24-19
  • § 24:4 : Specific Performance24-19
  • § 24:5 : Specific Performance with Price Abatement24-26
  • § 24:6 : Vendee’s Lien24-32
  • § 24:7 : Fraud and Rescission24-36
  • § 24:8 : Bankruptcy of Seller24-43
Chapter 25: Time for Performance
  • § 25:1 : Introduction25-1
  • § 25:2 : Time of the Essence Doctrine25-3
  • § 25:3 : “Time is of the Essence” Clauses25-6
  • § 25:4 : “Time is of the Essence” Notices25-7
Chapter 26: Deed Elements
  • § 26:1 : Deed Elements26-2
  • § 26:2 : Grantor26-2
    • § 26:2.1 : Introduction26-2
    • § 26:2.2 : Grantor’s Competence26-3
    • § 26:2.3 : Grantee’s Undue Influence Over Grantor26-5
    • § 26:2.4 : Other Bases for Setting Aside a Deed26-6
  • § 26:3 : Grantee26-8
    • § 26:3.1 : Introduction26-8
    • § 26:3.2 : Married Grantees26-10
    • § 26:3.3 : Corporations and Other Entities26-11
  • § 26:4 : Consideration26-12
  • § 26:5 : Conveyance Taxes26-15
  • § 26:6 : Recordation and Constructive Notice26-18
  • § 26:7 : Preparation of Deeds by Non-Attorneys26-21
  • § 26:8 : Completion or Alteration of Deed After Execution26-22
  • § 26:9 : Forgery26-24
  • § 26:10 : Quitclaim Deeds26-26
  • § 26:11 : Transfer on Death Deeds26-28
  • § 26:12 : Exceptions and Reservations26-29
  • § 26:13 : Interests Created by Deed26-30
    • § 26:13.1 : Defeasible Estates26-30
    • § 26:13.2 : Present Estate and Future Interests26-32
    • § 26:13.3 : Conveyances to Railroads26-32
  • § 26:14 : Merger by Deed26-35
  • § 26:15 : Reformation of Deeds26-51
Chapter 27: Deed Execution and Delivery
  • § 27:1 : Execution27-1
  • § 27:2 : Delivery27-3
    • § 27:2.1 : Introduction27-3
    • § 27:2.2 : Transfer of Deed to Third Person27-5
    • § 27:2.3 : Presumption of Delivery from Recordation27-7
  • § 27:3 : Acceptance of Deed27-8
    • § 27:3.1 : Introduction27-8
    • § 27:3.2 : Deed Poll and Deed of Indenture27-10
  • § 27:4 : Acknowledgment27-11
    • § 27:4.1 : Introduction27-11
    • § 27:4.2 : Curative Statutes27-14
    • § 27:4.3 : Acknowledgments by Notaries Public27-16
    • § 27:4.4 : Acknowledgments by Other Officers27-17
    • § 27:4.5 : Foreign Acknowledgments and Authentication27-17
Chapter 28: Deed Covenants of Title
  • § 28:1 : Introduction28-1
  • § 28:2 : Limitation of Warranties28-3
  • § 28:3 : “Subject to” Clauses28-5
  • § 28:4 : Measure of Damages28-9
  • § 28:5 : Estoppel by Deed28-11
Chapter 29: Examination of Title
  • § 29:1 : The Nature of Title Searches29-2
  • § 29:2 : Marketable Title Legislation29-4
  • § 29:3 : Statutes Barring Mortgages29-7
  • § 29:4 : Defeasible Estates and Future Interests29-9
    • § 29:4.1 : Statutory Termination of Future Interests29-9
  • § 29:5 : Record Title29-12
    • § 29:5.1 : Discrepancies in Names in Chain of Title29-15
    • § 29:5.2 : Transfer of Title at Owner’s Death29-18
    • § 29:5.3 : Transfer of Title by Mortgage Foreclosure29-19
    • § 29:5.4 : Transfer of Title by Tax Foreclosure29-20
    • § 29:5.5 : Transfer of Title by Judicial Proceedings29-22
    • § 29:5.6 : Property Rights That Are Not Required to Be Recorded29-22
    • § 29:5.7 : Instruments That Are Not Properly Indexed or Recorded29-25
    • § 29:5.8 : Recorded Instruments That Are Not Entitled to Be of Record29-28
    • § 29:5.9 : Recorded Instruments That Are Outside the Chain of Title29-29
  • § 29:6 : Encumbrances29-30
  • § 29:7 : Building Codes and Other Ordinances29-30
    • § 29:7.1 : Certificate of Occupancy29-35
    • § 29:7.2 : Contract Provisions Dealing with Violations29-37
    • § 29:7.3 : Forms for Clauses Dealing with Violations29-41
      • [A] : Purchaser’s Form29-42
      • [B] : Seller’s Form29-43
      • [C] : Neutral Form29-43
  • § 29:8 : Streets29-44
  • § 29:9 : Title Standards29-45
Chapter 30: Bona Fide Purchasers and Notice
  • § 30:1 : Introduction30-1
  • § 30:2 : Inspection of Premises30-2
    • § 30:2.1 : Evidence of Rights from Physical Conditions and Improvements30-3
    • § 30:2.2 : Rights of Possessors and Occupants30-6
      • [A] : Rights of Tenants30-15
      • [B] : Retention of Possession by Grantor After Conveyance30-16
      • [C] : Possession That Is Consistent with Record Title30-18
      • [D] : Statutory Reform30-20
Chapter 31: Title Products
  • § 31:1 : Title Abstracts31-1
  • § 31:2 : Attorneys’ Title Opinions and Certificates31-4
  • § 31:3 : Title Insurance31-8
    • § 31:3.1 : Insurable Title and Marketable Title Compared31-9
    • § 31:3.2 : Risks Covered by Owner’s Policy31-11
    • § 31:3.3 : Providing for Title Insurance in the Contract of Purchase31-17
    • § 31:3.4 : Measure of Recovery Under Policy31-20
    • § 31:3.5 : Duty of Insurer to Search Title and Disclose Defects31-24
    • § 31:3.6 : Liabilities Involving Third Parties31-26
    • § 31:3.7 : Lender’s Policy of Title Insurance31-27
    • § 31:3.8 : Subrogation After Payment by Insurer31-28
    • § 31:3.9 : Policy Forms and Coverages31-30
  • § 31:4 : Torrens System: Title Registration31-35
Chapter 32: Zoning
  • § 32:1 : Allocation of Risk to Buyer32-1
  • § 32:2 : Zoning Violations at Time of Contract or Conveyance32-3
    • § 32:2.1 : Buyer’s Rights Under Contract32-3
    • § 32:2.2 : Buyer’s Rights Under Deed Covenants32-6
  • § 32:3 : Seller Representations As to Zoning32-7
  • § 32:4 : Seller Disclosures Required by Statute32-9
  • § 32:5 : Contract Provisions Dealing with Zoning32-10
  • § 32:6 : Zoning Amendments32-10
  • § 32:7 : Nonconforming Uses32-13
    • § 32:7.1 : Termination32-14
    • § 32:7.2 : Change in Ownership32-16
  • § 32:8 : Variances32-18
  • § 32:9 : Subdivision Regulations32-20
  • § 32:10 : Moratoria on Building or Development32-22
  • § 32:11 : Other Public Land Use Regulations32-24
Chapter 33: Land Descriptions
  • § 33:1 : Contract Descriptions33-2
  • § 33:2 : Seller’s Representations of Boundaries or Area33-3
  • § 33:3 : Sales in Gross or by Area33-4
  • § 33:4 : Roads and Access33-10
  • § 33:5 : Appurtenant Rights33-11
  • § 33:6 : Adequacy of Descriptions in Contracts of Sale33-12
    • § 33:6.1 : Introduction33-12
    • § 33:6.2 : Street Address References33-15
    • § 33:6.3 : Sale of Part of Seller’s Parcel33-17
    • § 33:6.4 : Parol Evidence33-18
    • § 33:6.5 : Possession Taken by Buyer33-20
  • § 33:7 : Adequacy of Descriptions in Conveyances33-21
    • § 33:7.1 : Introduction33-21
    • § 33:7.2 : Streets33-24
    • § 33:7.3 : Private Roads33-26
    • § 33:7.4 : Strip and Gore Doctrine33-27
    • § 33:7.5 : Improvements and Fixtures33-30
    • § 33:7.6 : Maps and Plats33-32
    • § 33:7.7 : Easements and Appurtenances33-36
    • § 33:7.8 : Rivers and Other Waters33-40
    • § 33:7.9 : Reference to Source of Title33-42
    • § 33:7.10 : Vagueness of Description33-47
    • § 33:7.11 : Lands Held Adversely33-50
    • § 33:7.12 : Missing Attachments or Exhibits33-52
  • § 33:8 : Rules for Resolving Conflicts in Descriptions33-52
    • § 33:8.1 : Introduction33-52
    • § 33:8.2 : Subdivision Mistakes33-55
Chapter 34: Surveys
  • § 34:1 : Nature and Purpose34-1
  • § 34:2 : Types of Surveys34-3
  • § 34:3 : Monuments34-4
  • § 34:4 : Courses and Magnetic North34-6
  • § 34:5 : Surveyor Liability34-7
  • § 34:6 : Survey and Title Insurance34-8
Chapter 35: Practical Location of Boundaries
  • § 35:1 : Introduction35-1
  • § 35:2 : Boundary by Informal Agreement35-2
  • § 35:3 : Boundary by Acquiescence35-5
  • § 35:4 : Boundary by Estoppel35-11
Chapter 36: Closing Process
  • § 36:1 : Transfer of Possession36-1
    • § 36:1.1 : Introduction36-1
    • § 36:1.2 : Contract Provisions36-4
    • § 36:1.3 : Possession by Buyer Before Closing36-5
      • [A] : Eviction of Defaulting Buyer36-5
      • [B] : Improvements Made by Buyer36-7
      • [C] : Liability for Waste and Rental Value36-11
      • [D] : Seller’s Title36-13
      • [E] : Action Against Third Person for Damage36-14
    • § 36:1.4 : Possession by Seller After Closing36-15
    • § 36:1.5 : Tenants in Possession After Closing36-15
  • § 36:2 : Postponement of Closing36-16
    • § 36:2.1 : Introduction36-16
    • § 36:2.2 : Seller in Possession36-18
    • § 36:2.3 : Buyer in Possession36-20
    • § 36:2.4 : Stipulations for Adjournment36-22
  • § 36:3 : Medium of Payment36-24
    • § 36:3.1 : Introduction36-24
    • § 36:3.2 : Cash Payments36-29
    • § 36:3.3 : Payments Made Before Closing36-29
    • § 36:3.4 : “Good Funds” Laws36-30
Chapter 37: Closing Adjustments
  • § 37:1 : Absence of Contractual Provisions37-2
    • § 37:1.1 : Introduction37-2
    • § 37:1.2 : Taxes and Assessments37-3
    • § 37:1.3 : Interest on Mortgages and Liens37-6
    • § 37:1.4 : Insurance37-6
    • § 37:1.5 : Mistakes37-6
    • § 37:1.6 : Closing Costs37-8
  • § 37:2 : Rent37-9
    • § 37:2.1 : Introduction37-9
    • § 37:2.2 : Percentage Rent37-11
    • § 37:2.3 : Rent Adjustments Based on Expenses37-11
    • § 37:2.4 : Rent Control Laws37-13
  • § 37:3 : Rent Security37-13
    • § 37:3.1 : Introduction37-13
    • § 37:3.2 : Application of U.C.C. Article 937-17
  • § 37:4 : Taxes37-21
    • § 37:4.1 : Introduction37-21
    • § 37:4.2 : Special Assessments37-23
    • § 37:4.3 : Apportionment of Income Tax Deduction37-24
  • § 37:5 : Community Association Fees37-25
  • § 37:6 : Water and Utilities37-26
  • § 37:7 : Insurance37-27
  • § 37:8 : Fuel37-29
  • § 37:9 : Wages37-29
  • § 37:10 : Service Contracts37-30
  • § 37:11 : Submetering of Electricity37-31
  • § 37:12 : Deferred Brokerage Commissions37-32
Chapter 38: Closing Documents
  • § 38:1 : Instruments and Papers to Be Delivered at Closing38-1
    • § 38:1.1 : The Deed38-2
    • § 38:1.2 : Mortgage Papers38-3
    • § 38:1.3 : Title Insurance38-3
    • § 38:1.4 : Leases and Rental Agreements38-3
    • § 38:1.5 : Casualty Insurance and Other Insurance Policies38-8
    • § 38:1.6 : Employees’ Contracts38-8
    • § 38:1.7 : Utility Contracts38-8
    • § 38:1.8 : Service Contracts38-9
    • § 38:1.9 : Installment Contracts for Purchase or Lease of Goods38-9
    • § 38:1.10 : Guaranty of Construction, Repairs, and Alterations38-10
    • § 38:1.11 : Awards and Claims38-10
    • § 38:1.12 : Building Certificates—Vault Permits38-11
  • § 38:2 : Preparation for Closing38-11
    • § 38:2.1 : Introduction38-11
    • § 38:2.2 : Seller’s Attorney—Checklist for Closing38-14
    • § 38:2.3 : Buyer’s Attorney—Checklist for Closing38-17
  • § 38:3 : Closing Statement38-18
    • § 38:3.1 : Introduction38-18
    • § 38:3.2 : Sample Seller’s Closing Statement38-19
    • § 38:3.3 : Buyer’s Closing Statement38-26
  • § 38:4 : Conduct of Closing38-27
  • § 38:5 : Escrow38-31
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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