The Business Lawyer calls this PLI title “The ‘bible’ for any lawyer handling a real estate conveyance.” providing more than 140 sample forms, sample forms, sample clauses, and checklists that simplify and accelerate transactions, Friedman and Smith helps readers to carefully consider all the issues and options before finalizing a contract. This definitive resource gives guidance on how to handle unexpected problems and contingencies before they become deal-breakers; factor in a relevant case law when structuring sound agreements; and avoid drafting ambiguous or incomplete contracts that can lead to delays and aborted deals.

Highlights of this latest update of Friedman and Smith on Contracts and Conveyances of Real Property include:

• Chapter 3, Assignments of Contracts. New discussion covers the rights of an assignee against the seller if the seller fails to perform a promise to the buyer included in the contract of sale (see section 3:2.4).
• Chapter 14, Marketable Title. New discussion of Loring v. Whitney, 46 N.E. 57 (Mass. 1987), which illustrates how courts deal with drawing the line between litigation risk that is substantial versus too remote (see section 14:1.2).
• Chapter 19, Easements—Creation. New discussion of the distinctions between easements appurtenant and easements in gross, including court-developed tests in cases of ambiguity (see section 19:3).
• Chapter 22, Covenants—Scope and Termination. New discussion of eminent domain reviews the majority and minority views on whether restrictive covenants are property for takings purposes (see section 22:2.12).
• Chapter 24, Contract Remedies for Seller Default. New discussions cover challenges to specific performance as a workable remedy for the buyer when the seller has problems with the title (see section 24:44.2), and review the viability of specific performance as a remedy for part of a contract and not for the remainder because the remainder is impossible to perform or the matter is one into which equity will not venture (see section 24:4.3).
• Chapter 25, Time for Performance. Updated discussion of the “time of the essence” doctrine, including “time is of the essence” as an implied term and the consequences when time is essential and when time is not essential (see sections 25:2.1-25:2.4).
• Chapter 26, Deed Elements. Updated discussion covers transfer tax, which is payable upon the recordation of a deed, triggering a requirement that the grantee report the amount of consideration to the reocording office that becomes part of the public record, which allows a title searcher to determine the parties’ reported consideration (see section 26:4).

This essential treatise is available on PLI PLUS. If you would like to purchase a print copy, please email libraryrelations@pli.edu.