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A life estate can be transferred by the holder.
Levitz entered into an agreement to sell property to Safeway. Safeway placed a
condition in the agreement that required Levitz to obtain title to and sell to Safeway the
lot adjoining the property that was the subject matter of the contract. Levitz was unable
to acquire title to the adjoining lot but sought to go forward with the sale. Safeway
refused. What result?
A state has just passed a statute that eliminates the hearing required before a mortgage
foreclosure sale. Are there any problems with such a statute?
Most states readily permit assignment of commercial leases.
The Scribners purchased property on which they subsequently discovered there was
barium contamination that resulted from former land ownership by Jasco-Sun Steel.
The Scribners were unable to sell their property, but the valuation for tax purposes
remained the same following the barium discovery. Which of the following is correct?
a. Environmental contamination is not used in property valuation
b. Environmental contamination is not used in property valuation when the landowner
is not responsible
c. Environmental contamination is a factor in valuation
d. None of the above
