Land Sale With Title Defect
Vera Vargas contracts to sell land to Valerie Voss. A recorded lien remains on the property at closing. Voss refuses to close because the title fails the marketability standard that a prudent buyer would accept.
Also known as: venditions · venditio · sale
Written by attorneys · grounded in primary & secondary sources — see below
The act of selling or a sale. The term identifies the transfer of property or assets for consideration in exchange.
Vera Vargas contracts to sell land to Valerie Voss. A recorded lien remains on the property at closing. Voss refuses to close because the title fails the marketability standard that a prudent buyer would accept.
Vivid Media's board approves sale of its sole manufacturing plant and designs to Valor Capital. The transaction leaves the corporation without a significant continuing business activity, requiring shareholder approval under the statute.
Vincent Vale's will specifically devises a parcel of land to Vanessa Vega. Before death Vale sells the parcel and the proceeds remain unpaid. Vega receives the unpaid proceeds rather than the land itself.
Select any source to read its text and confirm it supports the definition.
The trustee of a trust sells trust property to a company in which the trustee holds a personal interest. A beneficiary affected by the conflict may void the sale unless the trustee proves one of the statutory exceptions applies.
A manufacturer sells a defective product to Victoria Vernon. Even though the seller exercised all possible care in preparation and sale, strict liability attaches because the product reached the consumer in defective condition.
The personal representative sells estate property to a corporation in which the representative holds a substantial beneficial interest. An interested person may void the sale unless the will authorized it or the court approves after notice.
Vendition denotes the act of selling or a completed sale of property or assets.
Supporting sources
A vendition of land requires the seller to convey marketable title free from reasonable doubt at closing, or the buyer may rescind.
Shareholder approval is required when the vendition leaves the corporation without a significant continuing business activity.
The devisee receives any unpaid proceeds from the vendition rather than the property itself.
A vendition by the trustee for the trustee's own account or affected by a fiduciary-personal conflict is voidable by an affected beneficiary unless statutory exceptions are met.
Liability may still attach even if the seller exercised all possible care in the preparation and sale of the product.
A vendition to the personal representative or an entity in which the representative has a substantial interest is voidable unless authorized by the will or approved by the court after notice.
…v. California, 361 U. S. 147, we held indispensable to a valid conviction of a bookseller for possessing obscene writings for sale. We said: "For if the bookseller is criminally liable without knowledge of the contents, . . . he will tend to restrict the books he sells to those he has inspected; and thus the State…