Book Opener

CHAPTERASSESSMENTAcquiring and Evaluating InformationCreate a picture of your dream home. Include adetailed description of both the interior andexterior, and then:12. Look at the real estate ads in thenewspaper.13. Compare your dream home with the homesthat are advertised. Based on the prices ofthe homes in the ads, how much would yoube able to sell your home for?Buying a Home?You agree to buy Kyle Chilcote’s house. Hegives you a purchase and sale agreement andasks you to sign it. You ask your attorney toreview the contract, and he suggests somechanges. You ask Kyle to put the suggestedchanges into the contract. Kyle refuses.Debate14. What are your options?15. You really want the house. What could youdo to convince Kyle to add the changes tothe contract?16. What might have happened if you hadsigned the contract without your attorneyreviewing it?For the following cases, give your decision andstate a legal principle that applies.17. Henry DiRito and Oskar Henrich owna parcel of real property as tenants incommon. When Henrich dies, who ownsthe property? Explain your answer.18. Cordero and Miel Rueda want to buy ahouse that costs $100,000. How muchmonthly income would they need toafford a 7 percent, 30-year mortgage(see Figure 34.2)?19. How much of a down payment wouldCordero and Miel need in Case 2 to obtaina mortgage?20. Assume the Ruedas in Cases 2 and 3 taketitle to a property as tenants by the entiretyin a state that follows the common-lawdoctrine on that subject. One day, Corderorefuses to allow Miel to enter the premises.Is Cordero within his legal rights? Explainyour answer.21. Two years after Smith starts raising pigson her property, the neighborhood inwhich she lives is rezoned. The newzoning law prohibits raising of certainanimals, including pigs. Must Smith stopraising pigs? Why or why not?22. Rob and Lucy Whitney, newlyweds, areinterested in buying a home. Their incomeis relatively small right now, but theyexpect to make more money in the future,when Lucy finishes law school. What typeof mortgage might Rob and Lucy wishto consider?23. The county government has determinedthat Shrewsbury needs another elementaryschool. Martha Jones owns a large tractof land in the area in which the school isneeded. The government offers to purchasethe land from Jones for a fair price. Jones,however, refuses the offer and claims thatshe does not have to sell her property. Whatrights, if any, does Jones have in resistingthe government’s offer?748 Unit 7: Planning for the Future