benjamin was an older adult who decided to move from his lifetime home on a smal
ID: 388113 • Letter: B
Question
benjamin was an older adult who decided to move from his lifetime home on a small farm to an assisted living facility. Benjamin had no spouse or surviving family. He decided to transfer his property to his neighbor, Gabriel. Benjamin would use the money gained from the transfer to help pay for his assisted living expenses. Shortly after Benjamin had moved into the assisted living facility, Gabriel changed his mind about wanting to own the property. In subsequent litigation over this dilemma, Benjamin argued that all of the proper procedures had been completed to legally transfer the property to Gabriel. The court agreed, ruling in favor of Benjamin. But what if the facts of the case were different? Select each set of facts below that could change the outcome of the case.
Explanation / Answer
Answer-
1) Under the standard purchase contract ,buyer get so many options or opportunities to pull out his hand. Gabriel have got a period of time for the inspection of property, during the performance of property investigation if Gabriel would have found or attemted to prove that conditions related to the Title review, appraisal value of property , loan qualifications are not satisfactory and not acceptable to him, then he had the option of changing his mind and he could have cancelled the contract and it would have changed the outcome of this case.If Gabriel has changed his mind after all the conditions were fulfilled, This is also possible but It could have led to put his deposit money at risk.
2) If Gabriel had informed the Benjamin immediately once he had changed his mind in that case ,Gabriel's agent would have an opportunity to access a document that would have directed or addressed the cancellation of property transfer contract, that could have also changed the outcome of this case. and led to get back his deposit money and the cancellation of that contract.
3) As per the current market condition, a cancellation of contract would rarely incur significant losses to seller so that buyer could have blamed or held responsible for it. With a legal process, if Gabriel would attempt to prove that with the cancelation of this contract Benjamin would rarely incur damages. It would have taken a very long time to settle this case. with in that period of time title of that property would be darkened with the dispute. Benjamin would never want that because he wanted to use that money to pay for his assisted- living expenses and would want to place his home on sale as soon as possible.
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