Chapter 26: Real Property Control Flashcards
Owner or lessor conveys right to possess or use the property to a lessee (tenant) for certain period of time.
Leasehold Estates
uncommon ownership to married individuals. (North Carolina)
Tenancy by the Entirety
property acquired during marriage. Each spouse owns an undivided half-interest.
Community Property
termination of lease without notice.
Tenancy at Will
tenant wrongfully possesses property
Tenancy at Sufferance
right of a person to make limited use of another person’s real property without taking anything from the property.
Easement
right to go onto another’s land and take away some part of the land itself or some product of the land.
Profit
owner of property (dominant) has right to go onto adjacent property (servient). Easement goes with the land at sale or transfer.
Easement or Profit Appurtenant
right to go onto non-adjacent property by business or utility company. Easement goes with the land at sale or transfer.
Easement or Profit in Gross
revocable right of a person to come onto other person’s land. Grants no interest in the land.
License
Seller’s duty to disclose hidden defects.
Implied Warranty
Written instrument setting forth the interests in real property being transferred.
Deeds
5 necessary components of a Deed
Names of Grantor and Grantee.
Words evidencing intent to convey. Legally sufficient description of the land (including metes and bounds).
Grantor’s Signature.
Delivery of the Deed.
Prevents the previous owner from fraudulently conveying the same interest to another buyer.
Recording Statutes
grantor is obligated to transfer title that is free from encumbrances and defects.
Marketable Title
Occurs when one person possesses the property of another for a certain statutory period of time, that person automatically acquires title to the land, just as if there had been a conveyance by deed.
Adverse Possession
To be able to claim Adverse Possession, what 4 things must you prove?
Actual and exclusive.
Open, visible and notorious.
Continuous and peaceable.
Hostile and adverse.
The Fifth Amendment gives the government the right to take (condemn) private land for “public use” with just compensation to owner.
Eminent domain
Government takes land without paying compensation at all.
Inverse Condemnation
Private restriction on use of land, usually binding because it “runs with the land” (in the deed).
Restrictive Covenants
allows exception to the zoning rules.
Variances
encourages development, usually by tax incentives and abatements.
Special Incentives
fee simple, life or leasehold estate) give the owner a right to possess the land.
Possessory interests
(easement, profit or license) do not give the owner a right to possess the land.
Non-possessory interests
Gives the owner the greatest aggregation of rights, powers and privileges possible under law.
Fee Simple (Absolute)
interference with another’s right to use and enjoy his property.
Nuisance
Estate that lasts for the life of some specified individual.
Life Estates
each owns undivided interest. At death, interest passes to surviving joint tenant(s).
Joint Tenancy
each owns an undivided interest in the property. At death, interest passes to tenant’s heirs.
Tenancy in Common
uncommon ownership to married individuals. (North Carolina)
Tenancy by the Entirety
property acquired during marriage. Each spouse owns an undivided half-interest.
Community Property
