Editing Property Dukeminier/Outline
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#Marketable Title—a title not subject to such reasonable doubt as would create a just apprehension of its validity in the mind of a reasonable, prudent and intelligent person, one which such persons, guided by competent legal advice, would be willing to take and for which they would be willing to pay fair value | #Marketable Title—a title not subject to such reasonable doubt as would create a just apprehension of its validity in the mind of a reasonable, prudent and intelligent person, one which such persons, guided by competent legal advice, would be willing to take and for which they would be willing to pay fair value | ||
Lohmeyer v. Bower (Kan. 1951)—Lohmeyer contracted to buy property from Bower. Deed that transferred sale warranted that the property was transferred “free and clear of all encumbrances,” but “subject to all restrictions and easements of record applying to this property.” Lohmeyer’s lawyer found two zoning violations. Lohmeyer told Bower who offered to fix one (but not both) of the violations. Loh refused and brought suit seeking to rescind the K and for return of the earnest money deposit. Bower countersued for specific performance. ISSUE: Do zoning ordinance violations render a property’s title unmarketable? HELD: Yes. Because the zoning violations would have put Lohmeyer at risk of litigation were the sale to go through, they rendered the title unmarketable. The purchaser of real property may choose to cancel the sale if the title to the land is found to be unmarketable. | |||
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==Equitable Conversion (p. 355)== | ==Equitable Conversion (p. 355)== | ||