preview

Contract Transfer of Title to Real Property Essay

Decent Essays
What advice R.J. is likely to give Padrina depends predominantly upon whether she and Orande have an enforceable agreement. For a contract involving an agreement to transfer title to real property, as here, to be enforceable, more than offer, acceptance and consideration must be present. The contract must also comply with the Statute of Frauds. The Statute of Frauds requires that either the contract or some memorandum of it is in writing and that writing is signed by the party to be charged. The writing must also contain sufficient evidence of the contract's terms. Here, we are told to assume there is a contract. However, there is no mention or evidence that the contract is in writing. So, we need to see if we have a written…show more content…
In many cases where the parties did not specify some terms, the courts will presume they intended to act according to a normative standard in the community. Here, the facts state the parties had a contract. So, we do not need to address the formation issues. The property description does not have to be a legal description if the evidence shows that, as between the seller and buyer, there was an understanding of which property was involved. Here, there is no legal description. But, there is no evidence Orande owned any other property known as CALIacre in Las Nachos. Therefore, this note probably meets the property description test. The note refers to the parties by name. So, it provides that term. The note refers to Orande's agreement to sell and Padrina's to buy CALIacre with the attached apartment. As a result, it provides evidence of their agreement to sell and buy. The notes state the price as $1,500,000. So, it meets that requirement. When, as here, the parties fail to state the terms of payment, courts presume payment is in cash at the time of closing. Here, the note refers to a mortgage amount and Padrina's having the rest of the money in cash. Therefore, a court would likely presume they intended a cash payment to Orande at the time of closing. If the parties fail to state a closing date, courts infer they intended to close within a reasonable time after they entered into their
Get Access