This legal lecture explores the fundamental concepts of real property transfer, focusing on how land interests move from one party to another, how financing is secured through mortgages, and how buyers and lenders ensure they have good title to the property. It covers the essential steps in a land sale, including the requirement for a written contract under the statute of frauds and exceptions like part performance, along with the implications of equitable conversion during the contract period. The lecture also details the requirements for deeds that convey legal ownership, explains the different types of deeds and the warranties they provide, and discusses the crucial concepts of delivery and acceptance. Furthermore, it examines how recording systems determine priority among competing interests, explains the different types of recording statutes (race, notice, race-notice), and defines various forms of notice. Finally, it introduces mortgages as security devices, discusses different foreclosure methods, and covers title assurance methods like abstract and opinion and, more commonly, title insurance, while also briefly touching upon adverse possession as another way to acquire ownership.

Takeaways

Understanding the statute of frauds is crucial for real estate contracts.

Part performance can create enforceable obligations despite unwritten agreements.

Equitable conversion shifts risk of loss to the purchaser upon contract execution.

Different types of deeds offer varying levels of protection to grantees.

Delivery and acceptance are essential for a deed to convey legal title.

Recording systems determine priority among competing claims to property.

Mortgages can be classified under lien theory, title theory, or intermediate theory.

The equity of redemption allows mortgagers to reclaim property before foreclosure.

Foreclosure processes can be judicial or non-judicial, impacting strategy.

Adverse possession allows for title acquisition through continuous possession.

Real Property Law, land transfer, mortgages, title assurance, conveyance, contracts, deeds, foreclosure, title insurance, adverse possession