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Real Property Assignment #4
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Question:
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Esmerelda signs a contract to sell her gorgeous home on three acres of wooded property to Lincoln. She drafts a general warranty deed to be delivered at closing. Before the closing, however, Lincoln finds out that there is a $20,000 lien on Esmerelda's property. He also finds out some other disturbing things. After surveying the property, Lincoln realizes that a neighbor's barn is encroaching on a corner. Apparently the barn has been there for 10 years. Lincoln is not sure what this means, but he's pretty sure the barn could present a problem. To add to his stress, a title search company tells Lincoln that there might be a lost link in the chain of Esmerelda's title.
Using what you've learned in the CourseWare and the lectures, write a little about the issues Lincoln might be facing in his capacity as a buyer. In your opinion, what should Lincoln do?
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