Question
I have to give a legal opinion to X, interested in buying Blackacre. It would be helpful to have FIRAC to solve the marketability of
I have to give a legal opinion to X, interested in buying Blackacre. It would be helpful to have FIRAC to solve the marketability of the title with relevant cases.
The facts to Blackacre title search shows, Transactions-1. O to Mary Lender a 30 year mortgage and note, executed in 1947; "O hereby borrows from Lender $30k as a purchase-mortgage on Blackacre, and agrees to pay off the mortgage in annual payments of $1k for 30 years at 5% annual interest. 2. O to B by deed (1957) "a life estate in Blackacre, remainder to O." 3. O to C by deed (1967) "any and all interests O retains in Blackacre." 4. C to C and D by deed (2007) "a joint tenancy with right of survivorship in Blackacre."
Some additional facts are: A) No records exist in the title search to show that the mortgage from Mary Lender was ever paid off or foreclosed upon. B) B is still alive but has not visited the property since 2000. All deeds and instruments have been properly recorded. C) C has died but D is still alive. D) C's will leaves "all his interest in Blackacre to E." The statute of limitations is 10 years.
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