Chapter 5: Title Transfer Question

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

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

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

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

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 a quitclaim deed? Answer F(i): Question F(ii): Under what circumstances should an individual seek legal advise to use a quitclaim deed? Answer F(ii):

Chapter 7: Contracts and the Statute of Frauds (Mandatory) Contracts are the essential part of all real estate transactions and no real estate can be transferred without the use of a written contract to prevent fraudulent practices and to be enforceable in a court of law. All real estate transactions are subject to the statue of frauds law. The law stems from British common law and was first established in 1677. (This chapters primary purpose is the discussion of a basic generic contract and later on in the course we will add the necessary elements for real estate transactions.)

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

1)

2)

3)

4)

5)

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

1)

2)

3)

4)

5)

Question B:Which element of the contract do you consider the most 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 contract process? Answer D(ii):