CHAPTER 9: Titles, Deeds, and Ownership Restrictions Flashcards
Define Alluvion
Result of new deposits of LAND formed from accretion
Legal test to decide if an item is a fixture (HINT) I R M A
Intent of the parties
Relationship or agreement of the parties
Method of degree of attachment
Adaptations of the items
Basic property rights (HINT) D E E P C
Disposition (right to sell or give away)
Enjoyment (right to quiet enjoyment)
Exclusion (right of no trespass)
Possession (right to occupy)
Control (right to control)
FREEHOLD ESTATE
For an INDEFINITE length
LEASEHOLD ESTATE
For a FIXED term (known duration)
Fee simple estate
- Most common type of ownership
- Most property rights
- May be inherited
Life estate-
- Measured by a persons lifetime
- Type of FREEHOLD estate
-Created by GRANTOR conveying life estate to another individual
or
-GRANTOR reserves life estate for themselves then transfers it to another person
HOMESTEAD
- Provides protection for spouses who are not on the title
- Surviving spouse receives a legal title
- Children receive REMAINDER estate
NONFREEHOLD ESTATES
-Have a known duration and do not involve ownership interest
Tenant possesses LEASEHOLD estate
Owner possesses REVERSION estate
Three types on NONFREEHOLD estates
Estate For Years- Written lease agreement with a SPECIFIC start date and END date
Tenancy At Will- Has a SPECIFIC start date but NO fixed ending date
Tenancy At Sufferance- Tenant stays after the lease is over illegally (Holdover)
Tenancy In Common
- Heirs
- 2 or more people
- Undivided possession
Joint Tenancy (HINT: PITTS)
-Right of Survivorship
- undivided———————————–POSSESSION
- equal—————————————–INTEREST
- take title at the same——————TIME
- all joint tenants named on same–TITLE
- must expressly say right of———-SURVIVORSHIP
Tenancy By The Entireties
- MARRIED couple
- undivided possession
- Right of Survivorship
What are the four types of condominium contracts?
-Declaration of Condominiums
🔵Contains legal description of the units
🔵Once recorded creates the condominium
-Articles of Incorporation
🔵Create the corporate entity responsible for operating the condominium
-Bylaws of the Association
🔵Rules and regulations of the association
-Frequently asked questions (FAQ)
🔵Informs purchasers about restrictions leasing a unit
🔵Information on assessments and info on rent and land use fees for facilities
