Friday, February 18, 2011

Real Estate Rundown (Iowa Court of Appeals)

Is It In the Contract?
Malone v Flattery:  Rights of first refusal are presumed to be personal and are not ordinarily construed as assignable unless there is language showing that the parties intended the right be assignable.  The real estate contract in question did not explicitly provide that the right of first refusal was assignable and therefore it is not. 

Neighborly Boundary Battle
Georgia Pacific Gypsum, L.L.C. v New NGC, Inc.:  The court ruled that despite proof of the legal descriptions, payment of taxes, and payment of insurance, a fence line may still dictate who actually owns the disputed land where there is a boundary dispute. “Acquiescence” under Iowa Code section 650.14, refers to the mutual recognition by two adjoining landowners for ten years or more that a line, definitely marked by fence or in some manner, is the dividing line between them. Acquiescence exists when both parties acknowledge and treat the line as the boundary.  Take a note from your dog and make sure you mark your territory properly.  However, I'd suggest not using the same marking procedure that your dog uses.