3 Flashcards
What is the name of our current system of land ownership?
Allodial System
Name the 4 types of Free-Hold Estates
- Fee-simple, 2. Defeasible Fee 3. Fee Tail 4. Life Estate
Fee-Simple absolute estate
Most comprehensive ownership known to law.
Defeasible Fee estate
(also called base fee or qualified fee or fee simple determinable) A fee that can be divested (taken) from the fee holder at some future time upon the occurrence (or non occurrence) of a specified event.
Explain Condition Precedent (or Fee Simple Subject to a Special limitation) in a defeasible fee estate
automatic termination upon happening of specified event. Example: A inherits ownership of B’s land so long as the land is always used for church purposes. If land is no longer used for church purposes, A automatically loses interest in the land and automatically returns to grantor (or grantor’s successor).
Explain Condition Subsequent
A fee simple subject to a condition gives grantor (or grantor’s successors) the power to terminate the grantee’s estate upon the happening of a specified event. BUT, unlike condition precedent, this does NOT divest the grantee of her interest automatically. The grantor must exercise the right through legal proceeding called a Suit to Quiet Title.
Executory Limitation
fee simple passes automatically to some other person upon the happening of a specified event.
Fee Tail
ABOLISHED OR REPLACED IN STATES. Could only be created by a conveyance reading exactly “to X and the heirs of X’s body.” X could not convey the land, but the estate would continue so long as there were any legit heirs of X.
Life Estate
conveying an estate to “Y for as long as Y shall live”. Upon Y’s death, property reverts to X or X’s successor in interest. Y may not make unreasonable use of the property or do anything which would decease the value. Feudal Law.
Legal Life Estate types
- Dower 2. Curtesy 3. Community Property
Dower
life interest in real estate given to wife upon her husband’s death. Abolished in Colo
Curtesy
life estate given to husband upon wife’s death. Abolished in Colo
Community Property
Colorado law today. property acquired during marriage is considered to be equally owned by both spouses. Spouses cannot separately convey their community property interest (because they cannot partition the property). Either spouse can will his or her half of the community property to third parties.
Escheat
right of gov’t to acquire property owned by a person who dies without leaving a will or heirs
Nonconforming Use
If a lot or improvement does not conform to zoning use because it existed before the enactment of zoning ordinance then the use may be permitted to stand.
Conditional Use permit
Allows a city of county to consider special uses which may be essential or desirable to a particular community but which are not allowed within a zoning district (school, church, parking lot…)
Variance
If an owner is deprived of reasonable use of their property by the zoning enactment a variance may allow a change in the use of their property to use that is otherwise strictly prohibited by the exiting zoning. The owner must demonstrate the unique circumstances that make the variance necessary. ex: setbacks, height requirements.
Spot Zoning
a spot within a large zone which has different zoning. Usually for political reasons such as granting one bar the right to sell liquor within a dry town.
Deed Restrictions on Ownership
limitation on land imposed by a grantor, such as requiring all structures built on the land be of brick veneer.
Riparian Rights
unrestricted right to use water provided use doesn’t interrupt flow or contaminate. also owns land under the water to the exact center.
Littoral Rights
own adjacent to the water only up to the mean “average” high-water mark.
Accretion
increase in land due to soil deposit (alluvion)
Reliction
new land acquired when water recedes
Erosion
gradual wearing away of land caused by flowing water
Avulsion
sudden removal of soil (land) by act of nature (such as landslide)
Doctrine of Prior Appropriation
State controls nearly all water. Used in scarce areas. To secure water rights, person must show beneficial use for the water
PUD (Planned Unit Development)
consists of owners of versus types of real estate. all or some may either hold common ownership in land or facilities or are obligated for payment of expenses other than for or in addition to the individually owned land underneath each owner’s residence. Must be a recorded declaration that sets for the the conditions and obligations assoc. with the ownership of real property located within the PUD or Common Interest Community.
Can a Condominium project in Colorado consist of single family lots?
Yes
Common Law Estates - Name 4
- Estate for Years (fixed time period)
- Estate from Period to Period - no fixed termination date (ex: month-to-month rental)
- Estate/Tenancy at Will (tenancy at will): terminable at will of either party upon giving proper notice.
- Estate/Tenancy at Sufferance - arises when tenant wrongfully holds over after expiration of lease.
Estate/Tenancy for Years
lease of a fixed time period (can be for days, years… any time period)
Estate/Periodic Tenancy
no fixed termination date (ex: month-to-month rental)
Estate/Tenancy at Will
terminable at will of either party upon giving proper notice.
Estate/Tenancy at Sufferance
arises when tenant wrongfully holds over after expiration of lease. Landlord can evict or choose to accept tenant for similar term and rent amount.
Ground Lease
parcel of unimproved land is let for usually a long period of time. Lease provides that a building shall be erected on the land by the tenant and provision for the disposition of the building at the end of the lease (usually title goes to land owner upon payment of all, part or none of the value of the building, depending on agreement). Solves financing problem for investors, reducing costs during building, as well as tax advantages with rent as a deductible business cost.
Step-up Lease or Graduated Lease (type of Ground Lease)
Provide for increases in value to be matched by increased ground rent at suitable intervals. Can be set by fixed increases at pre-stated intervals OR can be based on property value determined by arbitration committee appraised at regular intervals.
Percentage Lease
used for commercial establishments, fixed minims rent plus percentage of tenant’s gross sales (require detailed contracts and thorough knowledge and expert judgement).
Sky Lease
lease of air space (Chicago Merchandise Mart over the railroad). Colo has had only a few such leases.
Net Lease
tenant pays all or substantial part of the cost of pertain and maintenance. Various versions: 100% net/net” or “net - excepting for taxes” or “triple-net” = rent, expenses, debt/mortgage.
Gross Lease
owner pays their own expenses. Tenant pays only set rent amount. (such as monthly apt lease)
Farm Lease
Same principles as other leases. Ordinarily each locality has and uses a farm lease that meets needs/conditions of the community.
12 Conditions of a Lease (DPCDOCLSSDRA)
- Date 2. Parties 3. Consideration 4. Description of Property 5. Operative Words (clearly state the extent and nature of interest being conveyed to the tenant, including duration or term of the lease and lessee’s rights) 5. Conditions and exceptions 6. Lessor’s and Lesee’s Covenants 7. Signatures 8. Seal (not required) 9. Delivery 10. Recording (not required but recommended) 11. Acknowledgment (not required but recommended).
other useful inclusions: cost of living adjustment, security deposit clause…
Is notice required to terminate a least on the last day of the term?
No
Is written notice required to terminate a periodic tenancy?
Yes, within a specified time before the end of the period.
How much notice is required to terminate a year to year tenancy? 6 month tenancy? Monthly tenancy?
3 months. 1 month. 10 days. Notice must be delivered to property.
Can an eviction take place in as few as 3 days in Colo?
Yes - expedited eviction fo undesirable and dangerous persons. persons who have committed acts in statute CRS 12… drugs, violence, felonies, endangerment of persons or property. Specifically does NOT include victims of domestic violence or persons who could not reasonably have known of the substantial acts.
Constructive Eviction
premises have been allowed to become uninhabitable by landlord (such as no heat or other facilities)
Duties & Liabilities of the Parties to a Lease
- Lawful Use
- Advertise
- Covenant of Habitability (not provided for by Colo law) - req’s landlord to keep property warm and habitable unless each unit has it’s own facilities.
- Repair or Premises
- No Right to Enter
- Liabliity for Injury
- Common Areas
- Sublet (unless lease prohibits
- Default - many lease agreements provide that upon default of the tenant the landlord may declare the term of lease ended or b re-let the premises apply the rent from the new tenant’s lease to the old lease with old tenant being responsible for any balance due.
Fixtures and Trade Fixtures in a lease
A FIXTURE becomes so connected that it becomes a part of the real property (ex: ceiling fan attached to apartment by tenant technically must stay with the property). A TRADE FIXTURE: is installed by a tenant to carry on a trade or business and remains property of the tenant, not the owner.
