Question

Chapter 5: Title Transfer Question

A: Why is it important to transfer title to real estate using awritten document--the deed? Answer A:

Question B: What purpose does the general warranty deed serve inthe transfer of title process? Answer B:

Question C: What purpose does a special warranty deed serve inthe transfer of title process? Answer C:

Question D: Under what circumstances would someone who is in themarket for a home consider using the special warranty deed? AnswerD:

Question E(i): Which deed is better (preferred)? Answer E(i):Question E(ii): Which deed provides a greater level of protection?Answer E(ii):

Question F(i): When should a home owner consider the use of aquitclaim deed? Answer F(i): Question F(ii): Under whatcircumstances should an individual seek legal advise to use aquitclaim deed? Answer F(ii):

Chapter 7: Contracts and the Statute of Frauds (Mandatory)Contracts are the essential part of all real estate transactionsand no real estate can be transferred without the use of a writtencontract to prevent fraudulent practices and to be enforceable in acourt of law. All real estate transactions are subject to thestatue of frauds law. The law stems from British common law and wasfirst established in 1677. (This chapter’s primary purpose is thediscussion of a basic generic contract and later on in the coursewe will add the necessary elements for real estatetransactions.)

Question A(i): Please, state the five elements of a genericlegally binding contract. Answer A(i): 1) 2) 3) 4) 5) QuestionA(ii): Please, outline the five elements of a generic legallybinding contract. Answer A(ii):

1)

2)

3)

4)

5)

Question A(iii): Please, briefly discuss the five elements of ageneric legally binding contract. Answer A(iii):

1)

2)

3)

4)

5)

Question B:Which element of the contract do you consider themost important as related to real estate? Answer B:

Question C: Justify your statement in Question B. Answer C:

Question D(i): What is your opinion of the Statue of Frauds?Answer D(i):

Question D(ii): Does the Statue of Frauds slow down the contractprocess? Answer D(ii):