Final answer:
The question involves a legal matter in real estate transactions where a buyer is aware of an existing lease on a property but has not agreed to take title subject to this lease. The focus is on the implications of unclear transactions, the importance of an accurate property title during land sales, and the concepts of possession and termination within lease agreements.
Step-by-step explanation:
The question you've asked pertains to real estate transactions, particularly regarding the transfer of property that has an existing lease agreement which the buyer did not agree to in writing to take subject to. This is a legal matter involving the principles of property titles, possession rights, and contractual obligations during property sales. In such scenarios where transactions are unclear and confusing, the buyer would not be legally bound by the lease agreement they were aware of but never agreed to assume. However, the lease remains valid between the original landlord and the tenant.
When selling land, such as from a farm to a builder, ensuring an accurate property title is crucial. This includes verifying the property's dimensions and total acreage. Escrow plays a vital role here as it can serve to hold payment from the buyer until the transaction is properly completed, ensuring all rights and obligations are correctly transferred.
In real estate, possession, and termination are critical concepts outlined in lease agreements. These terms specify the conditions under which possession is taken and how a lease can be ended, whether it's due to destruction, failure to vacate, or through a month-to-month renewal and termination clause requiring 30-day notice.