Land Sale Contracts—Making the Deal

What is is the process of buying and selling real estate

conveyancing

The conveyancing process has [..] steps

two

In the Land Sale Contract step of conveyancing, [..1..] title passes to the buyer, but the buyer does not have [..2..] title yet

equitable, legal

At the Closing step of conveyancing, the buyer pays the [..1..] money to the seller, and the seller gives the buyer a [..2..] that conveys legal title

purchase, deed

A buyer with legal title has a legal right to [...] the property

possess

A contract for an interest in land must be in [...] to satisfy the Statute of Frauds

writing

To satisfy the Statute of Frauds for a land sale contract, the writing must:

• identify the [..1..] (seller and buyer),

• describe the [..2..] sufficiently for it to be identified,

• state the [..3..] or a means of determining the price, AND

• be signed at least by the party against whom [..4..] is sought

parties, property, price, enforcement

Under the Doctrine of Equitable Conversion, once a land sale contract is [...], equity regards the buyer as the owner of the real property

signed

When a land sale contract is signed, the buyer gets [...] title to the property

equitable

At closing, under the Doctrine of Equitable Conversion, the buyer will get [...] title

legal

[…] follows legal title

Possession

Until [...], the seller is still entitled to possession of the property

closing

Under the majority view for the Doctrine of Equitable Conversion, the buyer bears the risk of […] if the property is destroyed between contract signing and closing, UNLESS the contract states otherwise

loss

If the property is destroyed through no fault of either party, the […] bears the risk of loss, UNLESS the contract states otherwise

buyer

As between the buyer and the seller, during the period before closing, it is the [...] that bears the risk of loss

buyer

Because land is considered unique, […] is always the appropriate enforcement of a valid land sale contract

specific performance

Y/N: Is specific performance available to either the buyer or the seller?

Y

When a contract for the sale of land is signed, equitable conversion takes place and it is, for all practical purposes, the [..1..] land and the [..2..] risk of loss

buyer's, buyer's

Y/N: If a party elects specific performance as the remedy, will the court award liquidated damages?

N