1. The following is a list of contract provisions. Do these provisions favor the seller or the purchaser?
a. Seller is to convey insurable title to the real property at closing.
b. Seller is to convey title to the real property subject to utility easements and other restrictions of record.
c. Seller shall not alter or encumber the title to the real property after the date of the contract without the prior written consent of purchaser. d. The real estate contract is freely assignable.
e. The contract is silent as to risk of loss between date of contract and date of closing.
2. Harold and Maude entered into negotiations with Sam to purchase Sam’s home. The home was not new, and Harold and Maude had some concerns that the roof might leak. Sam verbally assured them that the roof did not leak. The writ-ten contract entered into between Sam and Har-old and Maude, however, did not contain any written warranties concerning the roof. The con-tract also contained a provision that stated that no agreements, representations, or warranties, unless expressly incorporated or set forth in the contract, would be binding on any of the parties. After Harold and Maude purchased the home, they discovered that the roof leaked every time it rained. Harold and Maude have come to the law firm where you are a paralegal and have asked for advice concerning their rights to sue Sam for his misrepresentation concerning the condition of the roof. You have been asked to research the issue and to report to your supervising attorney your conclusions concerning Harold and Maude’s rights against Sam for the roof leak. What would be your conclusion?
3.Samuel Adams is selling his Boston townhouse to Harrison Stone. Who is required to sign the deed in connection with the transfer of ownership?
4.Aaron owns a farm. Aaron has given First Bank and Trust a mortgage on the farm. Aaron transfers ownership of the farm to Bob and gives Bob a general warranty deed. The general warranty deed to Bob warrants that there are no encumbrances on the farm and does not mention the mortgage to First Bank and Trust. Bob owns the farm only a short time and sells the farm by limited warranty deed to Carol. Carol decides that farm life is not for her and sells the farm by general warranty deed to David. The general warranty deed does not mention the mortgage to First Bank and Trust. One week after David purchased the farm, First Bank and Trust notifies David of the mortgage. Is there a breach of any deed warranty or covenant and, if so, which covenant? At this stage, can David sue Carol? Can David sue Bob? Can David sue Aaron? First Bank and Trust, after notifying David of its mortgage, commences foreclosure proceedings to sell David’s farm to pay the debt. At this stage, what deed covenant has been violated, if any? At this stage, can David sue Carol for breach of covenant? Bob? Aaron?
5.You are a paralegal involved in a closing of a purchase of real property. The real property is owned by Ruth White. Purchasers of the property are Albert Green and Linda Green. You have prepared the deed for Ruth White’s signature, and you are in a state that requires two witnesses to Ruth White’s signature. Can Timothy White, Ruth White’s husband, witness her signature on the deed? Can Linda Green witness Ruth White’s signature on the deed? Can you witness Ruth White’s signature on the deed?
6.Margo Maker executed and delivered a negotiable promissory note for $10,000 to Acme Bank and Trust. The note, while in Acme’s possession, was altered from $10,000 to $100,000. Acme sold the altered note to Wherever Life Insurance Company for $95,000. The endorsement from Acme to Wherever is without recourse. Wherever Life Insurance Company then sells the note to Harrison Holder for $95,000. Wherever’s endorsement to Harrison Holder is without recourse and warranty. At maturity, Harrison Holder presents the note to Margo Maker for payment. Can Harrison Holder recover $100,000 from Margo Maker? Does Harrison Holder have a right to recover against Acme Bank and Trust? Does Harrison Holder have a right to recover against Wherever Life Insurance Company? Explain your answers.
7. You are assisting in the representation of a lending institution as the holder of a promissory note from the Good Earth Land Company. The note is personally guaranteed by the principal shareholder of Good Earth Land Company, Gooden Earth. The note is being modified to extend the final term for repayment for an additional five (5) years. Should the lending institution get a written consent to the extension of the payment term of the Land Company’s note from Gooden Earth? Explain your answer.
8.Ruth Thomas owns a home that has been pledged to First Bank and Trust to secure a mortgage debt of $180,000. Ruth Thomas sells her home to John Kendall, who purchases the home and assumes the mortgage held by First Bank and Trust. John Kendall subsequently sells the home to Mark Murphy, who purchases the home subject to the First Bank and Trust loan. The First Bank and Trust loan goes into default. Can First Bank and Trust Company foreclose on the home? Can First Bank and Trust Company sue Mark Murphy for the debt? Can First Bank and Trust Company sue John Kendall for the debt? Can First Bank and Trust Company sue Ruth Thomas for the debt? In the event Ruth Thomas pays the bank in full, what remedies does she have against John Kendall or Mark Murphy or against the real property?
9. Assume a mortgage loan has an outstanding principal balance of $100,000 and the interest rate is 6%. Calculate what portion of a $599.55 monthly payment will be allocated to interest.
10. Assume a mortgage loan with a principal balance of $100,000 and interest rate of 6%. The loan is to be repaid over 20 years, and the monthly payment is to be $599.55. What type of amortization plan is this?
11. Assume a mortgage loan has an outstanding principal balance of $100,000 and the interest rate is 6%. the loan is to be repaid over 10 years. the monthly mortgage payment is $500 plus accrued interest. What type of amortization payment plan is this?
Any citation style (APA, MLA, Chicago/Turabian, Harvard)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.