Short Essay Question 1

Your client X is interested in purchasing Blackacre. A title search of the property reveals the following transactions:

Transaction 1: O to Larry Lender a 30 year mortgage and note, executed in 1947; "O hereby borrows from Lender $30,000 as a purchase-money mortgage on Blackacre, and agrees to pay off the mortgage in annual payments of $1,000 for 30 years at 5% annual interest.

Transaction 2: O to B by deed (1957) "a life estate in Blackacre, remainder to O."

Transaction 3: O to C by deed (1967) "any and all interests O retains in Blackacre."

Transaction 4: C to C and D by deed (2007) "a joint tenancy with right of survivorship in Blackacre."

Additional Facts

-No records exist in the title search to show that the mortgage from Larry Lender was ever paid off or foreclosed upon.

-B is still alive but has not visited the property since 2000. All deeds and instruments have been properly recorded.

-C has died but D is still alive.

-C's will leaves "all his interest in Blackacre to E." The statute of limitations is 10 years.

Question: You have been asked for a legal opinion from X, who is interested in buying Blackacre, on the state of title to the property. Write your opinion, giving your reasons on why you believe each of the transactions above affects or does not affect the marketability of title.Specifically you should write a separate IRAC analysis for each of the four transactions analyzing how the transaction would affect the marketability of the title.Finally you should conclude your opinion with your conclusion on who owns what interests in Blackacre as of 2018.