Table of Contents
- About the Authors
- Introduction to Law and Legal Systems
- Corporate Social Responsibility and Business Ethics
- Courts and the Legal Process
- Constitutional Law and US Commerce
- Administrative Law
- Criminal Law
- Introduction to Tort Law
- Introduction to Contract Law
- The Agreement
- Real Assent
- Form and Meaning
- Third-Party Rights
- Discharge of Obligations
- Introduction to Sales and Leases
- Title and Risk of Loss
- Performance and Remedies
- Products Liability
- Bailments and the Storage, Shipment, and Leasing of Goods
- Nature and Form of Commercial Paper
- Negotiation of Commercial Paper
- Holder in Due Course and Defenses
- Liability and Discharge
- Legal Aspects of Banking
- Consumer Credit Transactions
- Secured Transactions and Suretyship
- Mortgages and Nonconsensual Liens
- Introduction to Property: Personal Property and Fixtures
- Intellectual Property
- The Nature and Regulation of Real Estate and the Environment
- The Transfer of Real Estate by Sale
- Landlord and Tenant Law
- Estate Planning: Wills, Estates, and Trusts
- Relationships between Principal and Agent
- Liability of Principal and Agent; Termination of Agency
- Partnerships: General Characteristics and Formation
- Partnership Operation and Termination
- Hybrid Business Forms
- Corporation: General Characteristics and Formation
- Legal Aspects of Corporate Finance
- Corporate Powers and Management
- Securities Regulation
- Corporate Expansion, State and Federal Regulation of Foreign Corporations, and Corporate Dissolution
- History and Basic Framework of Antitrust Laws in the United States
- Horizontal Restraints of Trade
- Vertical Restraints of Trade
- Price Discrimination: The Robinson-Patman Act
- Sherman Act, Section 2: Concentrations of Market Power
- Acquisitions and Mergers under Section 7 of the Clayton Act
- Summary and Exercises
- Unfair Trade Practices and the Federal Trade Commission
- Employment Law
- Labor-Management Relations
- International Law
Business Law and the Legal Environment, v. 1.0 (2 Volume Set)
by Don Mayer, Daniel M. Warner, George J. Siedel, and Jethro K. Lieberman
Chapter 34 The Transfer of Real Estate by Sale
After reading this chapter, you should understand the following:
- 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
This chapter follows the steps taken when real estate is transferred by sale.
- The buyer selects a form of ownership.
- The buyer searches for the real estate to be purchased. In doing so, the buyer will usually deal with real estate brokers.
- After a parcel is selected, the seller and buyer will negotiate and sign a sales agreement.
- The seller will normally be required to provide proof of title.
- The buyer will acquire property insurance.
- The buyer will arrange financing.
- The sale and purchase will be completed at a closing.
During this process, the buyer and seller enter into a series of contracts with each other and with third parties such as brokers, lenders, and insurance companies. In this chapter, we focus on the unique features of these contracts, with the exception of mortgages (Chapter 29 "Mortgages and Nonconsensual Liens") and property insurance (Chapter 37 "Insurance"). We conclude by briefly examining adverse possession—a method of acquiring property for free.