Reference no: EM133418986
Question: On June 1, Sara agreed to sell Greenacre to Bart for the price of one million dollars, payable in cash. The standard real estate sales contract contained the following provision:
"Seller agrees to keep the home upon said real estate insured against fire at a reputable insurance company in the sum of one million dollars."
To complete the transaction, Bart and Sara enlisted the assistance of Escrow Company. The closing day of the escrow was identified as June 30.
On June 15, Sara had a property inspection by her contractor. Among other things, the contractor advised her the electric wiring was substandard as well as the gas lines were also of inferior grade and should be replaced immediately in order to avoid a fire hazard.
On June 27, Sara delivered into escrow a signed deed with an instruction to escrow that it shall not close the escrow until escrow was in possession of the one million dollar purchase price. On June 28, Bart wire transferred one million dollars to escrow.
On June 29, escrow was prepared to close the next day. On that same day, Bart and Sara were at Greenacre in the house for Sara's final inspection of the property. Unbeknownst to them, gas had been leaking from the gas line to the water heater. When Bart went to light his cigarette, the house blew up, killing Sara and Bart. The entire house was destroyed.
The insurance company is ready, willing and able to pay the insurance proceeds in the amount of one million dollars.
- Which party's Estate is the owner of Greenacre and why?
- Which party's Estate is entitled to the insurance proceeds and why?
- Assume for purposes of this prompt that there was no transfer to Bart and that Sara (her Estate) is the owner of the property. Sara's Will provides that all of her real property is to go to her son, Trent, while directing that her personal property goes to her other son, Victor. Which of the sons is entitled to the insurance proceeds and why?
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