Author Question: Wellpoint Homes has a closing pending with Fran Davis for the purchase of a new condominium. Closing ... (Read 163 times)

mckennatimberlake · **on:** Jun 24, 2018

Wellpoint Homes has a closing pending with Fran Davis for the purchase of a new condominium. Closing is scheduled for December 1. Wellpoint has delivered all the documents for closing with the exception of the lien waivers the title company requires for closing and issuing the title insurance policy. Fran has complied with all of her requirements for closing. On November 22, Wellpoint had still not furnished the lien waivers and the escrow agent for the closing embezzled all of the funds from her pending closings, including Fran's. The escrow agent is believed to be out of the country and the money squirreled away in bank accounts around the world. Who absorbs the loss?
A)Fran because the closing has not yet occurred and title has not passed
B)Wellpoint because Fran has complied with all of her conditions
C)Fran because she met all the requirements for the closing so her actions were complete
D)Wellpoint because it was late in getting the lien waivers

Question 2

Ann Headstrom would like to have an office in downtown Orange, California. However, there is no office space available and the ground level retail spaces have all been taken by antique shops. What suggestions could you offer to Ann for obtaining an office space downtown?
A) Purchase a column lot from one of the antique shop owners and build an office.
B) Seek eminent domain from the city to get her business substituted for one of the antique stores.
C) Purchase an easement lot.
D) Obtain a royalty interest.