SC Bar Practice Questions - South Carolina Bar Examination Exam

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Under the common-law doctrine of equitable conversion, after a land-sale contract is signed but before closing, the building is destroyed by fire through no fault of either party. In a jurisdiction following the majority rule, who bears the risk of loss?

The buyer, because equitable conversion treats the buyer as the equitable owner once the contract is signed The seller, because the seller still holds legal title The buyer and seller split the loss equally Neither party, and the contract is automatically rescinded

Correct Answer:

The buyer, because equitable conversion treats the buyer as the equitable owner once the contract is signed

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