Adverse Possession/Selling Title Flashcards
Analysis:
HELUVA: Hostile, Exclusive. Lasting, Uninterrupted, Visible, Actual possession
Constructive adverse possession:
When you take land under color of title but don’t have title to the full amount and don’t use part of it, AP is still satisfied as to that part you don’t use (unless it is clearly severed by a road or something)
Adverse possession against concurrent owner
if the land has co-tenants, for AP to work one of them has to ACTUALLY exclude the other, that actual exclusion starts the AP clock.
Adverse possession against future interest
Must begin the Adverse possession against the actual interest (so if you get AP from a life estate, the measuring life is that other life estate person, once he dies, THEN AP starts for the next person in interest)
Implied Covenants for sale of land:
Marketable title (proof of title, free of encumbrances, valid legal title at date of actual closing). Failure = must notify seller give time to cure, remedy is rescission, damages, specific performance
Implied warranty of fitness/merchantability - applies to new residential housing
Present covenants: Covenant of Seisin, Covenant of Right to Convey, Covenant against encumbrances
Future Covenants: Covenant of quiet enjoyment, Covenant of warranty, of further assurances
Rights of support
Right of lateral support, of subjacent support. Rule: Strictly liable for improvements ONLY if the land would have collapsed even WITHOUT the weight of the improvements on the land (my land would have collapsed even if I didn’t have a house on my land)
Marketable Title covenant for sale of land rules:
Seller must give title reasonably free from doubt (free from encumbrances, good record title). Easements are encumbrances rendering title unmarketable UNLESS it is a BENEFICIAL easement that is VISIBLE OR KNOWN (no encumbrance there)
Equitable Conversion Definition, what does it apply to?
Once a K for sale of land is signed, buyer’s interest is real property, seller’s interest is personal property ($$$), only applies as to who bears risk of loss, NOT enforceability of the K itself.
equitable right of redemption:
If bank forecloses on your property b/c you didn’t pay mortgage, you have equitable right to redeem by paying the balance due BEFORE FORECLOSURE SALE. Some states allow redemption AFTER foreclosure through a statute, and you only pay the purchase price not price on the mortgage.
Senior mortgages foreclosing:
Must include the junior mortgage so that the junior mortgage has a chance to buyout the senior mortgage (b/c if foreclosure goes through, the junior mortgage loses its mortgage on the property). IF Junior M is EXCLUDED/not told about foreclosure sale: Junior mortgage stays with property including any modifications made subsequent to recording
How to transfer title of realty
To transfer title of realty a DEED must be DELIVERED. (Delivery=word/conduct evidencing grantor’s intention of deed having present operative effect (that title pass immediately/irrevocably even if right of possession isn’t until later) Giving deed to THIRD PARTY to later deliver to grantee makes it irrevocable by the grantor
Conditional delivery of deeds
becomes effective upon a condition but then relates back to date of the conditioned delivery.
