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Mr. and Mrs. George enter into a written, signed agreement to buy a house owned by Samantha Jones. In the contract, it says that the sale will go forward if the Georges obtain financing for the mortgage. What kind of condition is this? Explain.
Now, assume that the Georges successfully obtained the financing; but, and Samantha Jones is now refusing to sell them the house. Do the Georges have any recourse? Explain in detail.
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- Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee? Mary is not considered the mortgagor. Since she received a loan from a lender, she is considered the mortgagee. • O A mortgage is a legal document that gives the lender the right to foreclose on the property if Mary defaults on the loan. Mary gives this security to the lender, and in return, the lender gives Mary the loan. Since Mary is giving the mortgage to the lender she is considered the mortgagor. Since Mary recently obtained the loan, she is still considered the mortgagor. Once the loan is paid off, she will be considered the mortgagee. O Since Mary obtained a fixed-rate loan, she is considered the mortgagor. If she obtained any other type of loan, she would be considered the mortgagee.Mort owns a property. Jessica Rosen holds a first mortgage against it, and Alex Nelligan holds a second mortgage. Mort defaults on his mortgage payments. Ms. Rosen forecloses without joining Mr. Nelligan in the foreclosure suit. The property is sold to Shelia McBride at the foreclosure sale. What are Mr. Nelligan’s rights?Lucia is paying Martha to sell properties that Lucia owns. Can Martha sell one of Lucia's properties to herself? No, because an agent may not self-deal O Yes, if she sells it for fair market value Yes, if Lucia did not prohibit this type of transaction No, because that would make Martha a subagent of Lucia
- Amy is a creditor of Bia. In order to escape the liability to Amy, Bia sells all his property to Cathy. May Amy ask for rescission of the contract of sale between Bia and Cathy? * Yes even if the right of levy and execution and accion subrogatoria are still available. Yes because creditors are protected in cases of contracts intended to defraud them. No because Amy is not a party to the contract. No because Amy has no right of rescission.Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in commonLyka and Brigette entered into a contract of sale over a parcel of land. In their agreement. the buyer, Brigette, must pay the purchase price on or before December 9, 2022 with the condition that if Bridgette fails to pay, the contract shall be automatically rescinded.If Brigette fails to pay on December 9, 2022, can she still pay on December 12, 2022? Why or why not?
- aRhonda owns an office building that has an adjusted basis of $45,000. The building is subject to a mortgage of $20,000. She transfers the building to Miguel in exchange for $15,000 cash and a warehouse with an FMV of $50,000. Miguel assumes the mortgage on the building. Required: What are LaRhonda’s realized and recognized gain or loss? What is her basis in the newly acquired warehouse?Fatima and Saira are sisters. They own a land. Fatima and Saira gave their land to Fatima's daughter, Mariam. The land was given to Mariam by Fatima on the condition that she will pay 200 OMR to Saira every year. The daughter agrees to the condition and signs the agreement, but later does not pay it. So, Saira has filed a complaint against Mariam. Questions a. Can Saira claim the payment from Mariam? Explain why or why not? b. Is the contract in this case enforceable by law? Explain why or why not?Bonnie and Clyde jointly own their own home when Clyde defaults on credit card debt. To determine if Clyde is insolvent, how will the home play into the calculation?
- Your client wants to purchase a residence for his aging parents, while minimizing the burden of ownership of the property for them and maximizing their enjoyment of it. Which one of the following states an advantage of titling the property in your client's name as sole owner rather than in joint tenancy with right of survivorship with his parents? A) The property will receive a step-up in basis when his parents die. B) The property will pass to his parents outside of probate. C) He will avoid gift tax liability by titling the property this way. D) His parents will have a life estate in the property if he predeceases them.Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will pay Riya on the 24th of the month. On the 24th, Manish pays Riya and she gives him the title to the car. Manish and Riya have a(n) __________. a.) unilateral contract b.) implied contract c.) executory contract d.) executed contractJanessa is the owner of a parcel of land. She mortgaged a part of it to Venus who foreclosed the mortgage when Janessa defaulted on her payment. Venus later acquired that part of land during the foreclosure sale, and she subsequently sold it to Trisha. Janessa later sold the other portion to Lyka.Can Trisha claim the right of legal redemption? Why or why not?