Next Generation Bar Exam Quiz
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REAL PROPERTY
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A written contract for the sale of commercial real estate was silent on title. Before closing, Buyer discovered that Seller's title was subject to a mortgage that Seller planned to pay off from the sale proceeds. Buyer cancelled, asserting that the mortgage made title unmarketable. At closing, Seller tendered a deed and a payoff letter showing that the mortgage would be discharged immediately from the closing funds. Buyer refused to close.
In most jurisdictions, who is correct?
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