Chapter 2 Flashcards
Fee Simple Determinable
“For so long as” automatically reverts to original
Revert
Go back to
Remainderman
One who holds a right of future possession. The person named by the grantor to receive the fee simple estate upon termination of a lesser estate
Reverter clause
A deed provision which causes a fee simple defensible estate to automatically terminate and revert to the grantor or a remainderman upon the occurrence of a stated condition
Lien
A lien is a monetary claim a creditor has on the property of a debtor and the debtor’s property is security for payment of the debt
Lien
When a foreclosure occurs, priority of most liens is established by date of recording. Exceptions are property taxes that always have first priority, mechanics liens that are often prioritized by a date of performance, and the inclusion of a subordination clause.
Attachment liens
An attachment lien grants the court custody of a specific property to prevent the owner from transferring ownership while a suit for damages is being decided
Prescription
A prescriptive easement is terminated when the holder of the servient estate openly and continuously prevents the easement holder from using it for the statutory period of time, usually the same time period as is required to create the easement.
License
A license grants personal permission to use the land of another without creating an estate for the user. A license will automatically terminate upon the death of either party or on conveyance of the property.
Private Restrictions
An owner can specify how a property can or cannot be used, either through contractual covenants or through conditions in a deed. However, Restrictions that violate public policy such as restrictions that promote illegal discrimination are unlawful. It is generally felt that any restrictions on an owners right to sell or otherwise convey the property are also on enforceable.
Court action
Court action is required to enforce a restrictive covenant. Either the grantor or other parties to the covenant must properly seek an injunction to stop the prohibited use or must sue for damages.
Encroachment
An encroachment arises when an improvement building or other attachment illegally extends beyond the boundaries of its owners land. They do not show up in the title search and although they may be observable they are usually revealed by a professional survey.
Encroachment
The fence or building that extends onto a neighbors land is basically trespassing. A tree that overhangs the neighbors yard is a nuisance. In either case the neighbor can seek court action to either remove the encroachment or collect damages. Known encroachment should be acknowledged and excepted in a sales contract.
