Question
Here are the facts about the title to a parcel of real estate you must acquire for your employer. You must deliver a fee simple
Here are the facts about the title to a parcel of real estate you must acquire for your employer. You must deliver a fee simple absolute when you have completed this project for your employer. Your employer is going to build a large multi-use facility on this property. The facility will have retail businesses on the ground floor, including a large theater for movies, another theater for live entertainment, restaurants serving from early morning breakfasts until the state law mandated closing time of 2 AM for businesses serving alcoholic beverages. The theaters also plan to serve alcoholic beverages from 8 PM until 2 AM. The second floor will have offices for businesses so it will be zoned for light commercial-such as doctor, dentist, accountant and lawyer offices. The levels 3 through 6 will be work/live lofts and levels 7-9 will be upscale condos. Parking will consist of 3 underground levels with the residential tenants parking on the third level down-this level will have restricted access with elevators that only stop on levels 3 through 9. Parking level 2 underground will also have restricted access with elevators only stopping on the second floor level. Level 1 of the underground parking will be reserved for the street level customers who are at the facility for shopping and entertainment.
These are the facts about the real estate ownership to date. This property is located in the State of California.
Already DoGooder bought the property (1280 acres) in 1943. He bought this property from his grandfather and it is clear that both the grandfather and Already owned the property in fee simple absolute. Already paid cash for the property he bought from his grandfather. Already's parents were killed in a farming accident when he was a small child and he had no other siblings. Already's grandparents took care of Already from that time forward and Already lived with them and helped his grandfather on the farm. Already's grandmother died two years earlier and her will gave everything to her husband, Already's grandfather. The will was properly probated so title was clearly owned by the grandfather until Already bought the property from his grandfather.
Already married Always Nice in 1941. Always had a roadside stand where she sold produce and other items from the farm. This was how Already was able to pay his grandfather cash for the farm two years later. The deed to Already only showed him as the Grantee.
Already and Always lived on the farm and fully participated in all of the farming activities on that farm until 1968 when Already gifted the farm to his son, Already, Jr. The deed from Already to Already, Jr stated it was a gift from father to son on the condition that alcohol never be served on the property. The deed from Already to Already, Jr was a wedding gift from father to son and was signed by Already the day before Already, Jr married Constantly Kind. (Already liked Constantly very much but worried about her brother, Wildchild, who ran a bar and engaged in a number of activities of which Already disapproved.)
Always died in 1969. Her will gave everything to her son. Already, Jr. In 1970 Already sold the interest he still had in the farm to Hatchet Investor so that he could pay his deceased wife's medical bills. In the grant clause of the deed from Already to Hatchet, Already reserved a life estate to himself for the term of his life.
Already lived on the property until 1975 when he died. Already, Jr and Constantly lived on the property and operated the farm until January, 2019 when Constantly died. Her will gave everything she owned to their daughter, Happy, who had never married and had always lived with her parents and helped them on the farm. Already, Jr gave all of his interest in the farm to Happy in October, 2019 when he discovered that he had a fatal illness and only had a few months to live. In the deed from Already, Jr to Happy, Already, Jr reserved a life estate to himself for his life in the grant clause. Already, Jr died in January, 2020 and his will gave all of his property to his daughter, Happy.
When Happy heard about your company looking for a parcel of land that would be large enough to support the multi-use project it is planning, she contacted the company and asked if they would like to discuss purchasing the farm from her. She had realized it was more work than she ccould handle and had decided to sell the land but wanted it to stay in one piece. She called it the DoGooder Farm and wanted the land to be used for a project that would keep the total parcel in one piece.
Your company has agreed to purchase Happy's interest in the land but it must have a fee simple absolute ownership in this land for the lender, No Fraud National, to finance the construction of this multi-use project. It is your job to figure out who currently owns any interest in this land and then to acquire their interest in this land so your company is the only owner of the fee simple absolute. When the closing of the last transaction delivers this fee simple absolute to your company, No Fraud will fund this multi-use project. These funds are already escrowed but the escrow will not be released until your company can prove it is the only owner of the fee simple absolute in this propety.
QUESTIONS: 50 points each
1. Fully describe and explain the ownership of any and all interests in this property from the ownership of Already to the current date.
2. Fully explain how you will go about acquiring all interests in this property for your company, MegaProjects, Inc.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started