chapter 14 - real and personal property Flashcards
real property
land and anything permanently attached to it
personal property
chattels and chose in action
chattels
tangible personal property that is moveable and can be weighed and measured
chose in action
an intangible right is a claim one person has against another
estates in land
the right of possession to and granted by the crown
fee simple
the right to use and sell land subject only to local restrictions - ownership
life estate
upon the death of a life tenant property reverts back to original owner
leasehold estates
land leased to a tenant for a specific period of time
tenancy in common
two or more people share an undivided interest in property with each owning a designated portion of titile
joint tenancy
two or more poeple own the entire property
agreement of purchase and sale
contract for the purchase commercial or residential real property
may be preceded by interim agreement (the binding contract for sale of the property)
registration system
registration is imposed to assist in ascertaining title
documents related to land transactions create an accurate title trail
land titles system
person named on the certificate is the holder in fee simple of that property
condominiums
ownership involves a combo of unit and common ownership
cooperatives
real property owned in common, or by corporation with shareholders
mortgage
involves the debtor borrowing money and giving the creditor a claim against their property
equity of redemption
right of mortgagee to redeem property even after default
foreclosure
ends equity of redemption by setting a time limit
order for judicial sale
application by other creditors to have property sold
leasehold estates
landlord retains reversionary interest in property
lessee is entitled to exclusive possession during term of lease
lease must be evidenced in writing (over 3 yrs)
types of tenancies
term lease
periodic tenancy
sublets
term lease
stipulated to run for a specific period of time
periodic tenancy
period to period rental
sublets
tenant retains reversionary interest with permission of landlord “which shall not be unreasonably withheld”
landlord must provide
vacant possession
quiet enjoyment
repair
termination with proper notice by either tenant or landlord
vacant possesion
premises are ready for occupancy
quiet enjoyment
must not interfere with tenants use of the property
repair
landlord has no general obligation to repair unless it amounts to breach of quiet enjoyment
tenancy at sufferance
fails to leave after term of lease expires
tenants obligations
pay rent
make repairs if used in unanticipated manner
can remove own fixtures before termination of lease
Landlords can sue for
overdue rent
damages for breach
forfeiture
tenants forced to vacate the premises which can be accomplished by the landlord changing locks or eviction
relief against forfeiture
equitable principle allowing tenant to have lease reinstated or landlord retaining right to payment if premises vacated
breach of lease
landlord can seize tenants property
injunction
tenant may sue for injury suffered by landlords breach
law of finders
finder gets good title against all but the original owner
- if public” finder
- if private: owner of place
bailment
when a person (bailee) acquires temporary possession of personal property owned by another (bailor)
