Final Recording, Servitudes, Zoning and Takings Flashcards
what is required for the statute of Frauds?
1) contract of a writing in an interest in land MUST BE IN WRITING (memo of sale)
2) must be signed by the party to be bound
3) must describe the real estate
4) must state the price
what are the 2 exception for the SOF?
1) part performance
2) estoppel
what does part performance require?
evidence of an oral contract
what is the evidence that is required of an oral contract in part performance?
1) took possession
2) paid part of the purchase price
3) made alterations or improvements to the property
what is estoppel?
when someone reasonably relies on an oral promise and substantially changes their position (HICKY v. GREEN)
what is a marketable title?
a title that is reasonably free from defect at the closing (LOHMEYER v. MEYER)
what do defects of a market title include?
1) encumbrances (covenants, easements, liens)
2) zoning violations (not zoning ordinances)
3) defective chain of title
when does equitable conversion occur?
after the contract is signed
what title does the buyer take in an equitable conversion?
the equitable title
what title does the seller take in an equitable conversion?
the legal title
what happens if there is any damage to the property between the signing of the contract and closing?
Majority: the buyer bears the loss
Minority: seller bears the loss; party in possession bears the loss
what are some examples of instruments that can be recorded?
1) mortgages
2) deeds
3) liens
4) wills
5) leases
what is required for a recording of property?
1) description of the property
2) name of grantor and grantee
3) signature of grantor
4) notarization
5) pay transfer tax
what is a bonafide purchaser?
a subsequent purchaser who in good faith WITHOUT PRIOR NOTICE of an earlier transfer and spends VALUABLE CONSIDERATION purchasing an interest in real property
what is actual notice?
when the subsequent purchaser knows of the prior transfer
what is record notice?
when the subsequent purchaser is presumed to have notice of interests that are properly recorded
what is inquiry notice?
when subsequent purchaser is presumed to have notice of something that would have been revealed by a reasonable investigation
when does the subsequent purchaser in a race statute jurisdiction prevail?
if they win the race to record
who wins in a race statute jx?
the first to record and the BFP doesn’t matter
when does the subsequent purchaser in a notice statute jx prevail?
if he had no notice of the prior unrecorded instrument at the time of the transaction
what language should you look for in a notice statute?
No conveyance is valid against a subsequent BFP (the rest is redundant)
when does the subsequent purchaser prevail in a race-notice jx?
if without notice of the prior unrecorded instrument at the time of the transaction AND wins the race to the record
if the subsequent purchaser is a BFP and they record first, do they win an race-notice jx?
yes but they will lose in all other circumstances
what is the language to look for in a race-notice statute?
No conveyance is valid against a subsequent BFP (same as notice statute) AND who has recorded the conveyance to the deed first
what type of element is needed for a race-notice statute jx?
some sort of time element
what are servitudes?
private contractual interests that run with the land and bind successive owners
what do servitudes consist of?
1) easements
2) covenants (real and equitable servitudes)
what is a nuisance?
a judicial remedy for unreasonable use of land