Law Of Contracts Exam Study Guide: Guaranteed A+ Guide: Updated

Abstract of Title: (Ans- An abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances. Example: Before Alice purchases the house on 1701 J J Solice Drive, she should ask for the property's abstract of title. Addendum: (Ans- An additional form attached to a real estate contract Example: Percy is adding an Addendum for Reservation of Oil, Gas, and Other Minerals to his ranch home sale because he wants to retain the rights to the natural gas he's selling to an oil company. Air Rights (Ans- Ownership rights to the air above a property, extending from the surface of the land up into space Note: The concept of air rights (and subsurface rights) comes from the Latin phrase "For whoever owns the soil, it is theirs up to heaven and down to hell." Amendment: