First Lincoln holds a deed of trust on Ellen Tracy’s home (amount secured = $175,000).
Ellen has defaulted on her payments. Describe the steps First Lincoln must take to sell
the property.
Secured and perfected creditors who finance home improvements after the property has
already been mortgaged are second in line after the mortgage company.
A fee tail is a fee simple defeasible.
A joint tenancy does not pass under intestate succession statutes.
You own a small shopping center and one of the tenants is having some work done on
the roof of his store. Explain what you should be concerned about as the owner.
Discuss the three elements necessary for an economically efficient system of property
rights.
Island Realty (plaintiff/appellant) listed Susan Bibbo’s (defendant) property in
Loveladies, New Jersey. The listing agreement was an MLS exclusive right-to-sell
effective from May 13, 1998, until November 13, 1998. The listing price was $359,000
and the commission for Island was 6 percent.
On July 23, 1998, Ms. Bibbo notified Island that she wanted to remove her house from
the market. She confirmed that decision the next day with a letter to the Island offices.
On July 27, 1998, Island faxed to Bibbo an unsigned, illegible agreement for sale for
the listing price from a buyer produced by another real estate agent. A legible version
was faxed the next day, but the actual agreement was not signed by the buyer until July
29, 1998. Bibbo never received a signed copy of the purchase agreement and she did
not sign either document that she received. In short, Bibbo refused to sell the property.
She also refused demands by Island for its commission. Island filed suit for its full
commission of $21,540. The lower court granted Bibbo’s motion for summary judgment
and Island Realty appealed. Is Island entitled to a commission?