Study Aids:
Click the Study Aids tab at the bottom of the book to access your Study Aids (usually practice quizzes and flash cards).
Study Pass:
Study Pass is our latest digital product that lets you take notes, highlight important sections of the text using different colors, create "tags" or labels to filter your notes and highlights, and print so you can study offline. Study Pass also includes interactive study aids, such as flash cards and quizzes.
Highlighting and Taking Notes:
If you've purchased the All Access Pass or Study Pass, in the online reader, click and drag your mouse to highlight text. When you do a small button appears – simply click on it! From there, you can select a highlight color, add notes, add tags, or any combination.
Printing:
If you've purchased the All Access Pass, you can print each chapter by clicking on the Downloads tab. If you have Study Pass, click on the print icon within Study View to print out your notes and highlighted sections.
Search:
To search, use the text box at the bottom of the book. Click a search result to be taken to that chapter or section of the book (note you may need to scroll down to get to the result).
View Full Student FAQs
Chapter 31 The Transfer of Real Estate by Sale
Learning Objectives
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 12 "Mortgages and Nonconsensual Liens") and property insurance. We conclude by briefly examining adverse possession—a method of acquiring property for free.