Estates and Interests in Land Flashcards
Freehold v. Leasehold Estates
Freehold: Closest thing to absolute ownership- estate of indefinite duration
Leasehold: estate of a fixed maximum duration
How to create a Commonhold Estate
(1) Must be registered as a “freehold estate in commonhold land”
(2) Must be specified in the Memorandum of a Commonhold Association as land where the association is to exercise funtions
(3) Must be a Commonhold Community Statement which makes provisions for the rights and duties of the association.
What are the five legal RIGHTS in land?
Mortgages
Easements
Rentcharges
Rights of Entry
Profits a Prendre (Gross & Appurtenant)
What is the difference between a Profit a Prendre in GROSS and APPURTENANT
GROSS:
- Exists independently of the land, for the personal benefit of the holder.
- Can be bought and sold independently
- May be registered at HMLR with it’s own title
APPURTENANT:
- The right is attached to a piece of land
- Cannot be registered at HMLR with its own title
What is an Equitable Mortgage?
Mortgages must be created by deed, so if the parties fail to do this, an equitable mortgage may arise.
A failed deed must still meet the following requirements (i.e., be a valid K for land) :
- There must be a contract for land,
- In writing,
- Signed by both parties,
- Containing all the agreed terms
What is a Restrictive Covenant?
A promise NOT to do something on land.
It is an Equitable Interest because it can bind subsequent land owners who are not in privity of contract with the person who initially made the promise.
When is a valid Deed not required in the sale or transfer of land?
- Short legal leases
- Implied legal easements
Requirements of a valid Deed
(1) In writing
(2) State on its face that it is a deed
(3) Signed by the grantor in the presence of a witness who attests their signature
(4) Show an intention to be bound by the deed (i.e., be “delivered”. Usually done by dating or sealing the document)
