Fl Property Flashcards
Liability For Property Defects
Any seller of new or used property has a duty to disclose facts materially (health or safety) affecting the value of the property which are not readily observable and are not known to the buyer. Failure to warn is fraudulent concealment
Lien theory with joint tenancy
A mortgage will not sever a joint tenancy - a forclosure proceeding will
Statute of frauds exceptions
Part performance of an oral contract is an exception to the writing requirement if relief sought is specific performance.
To establish part performance and make an unenforceable oral agreement enforceable there must be
1) payment of part of purchase price
2) possession
3) improvement
Deed formalities
Must be in writing and witnessed by 2 subscribing witnesses
Deed formalities
Must be (1) in writing and (2) witnessed by 2 subscribing witnesses
Timing for non-residency lease termination
Year = 3 months.
Quarter = 45 days.
Month to month = 15 days
week to week =>7 days.
Timing for residential lease termination
Year = >60.
quarter=30
month = 15.
Week = >7
Lessors rights for holdover
Evict and charge double rent
Lessee obligations
1) Comply with the health code
2) Keep the premises clean
3) Keep plumbing in good repair
4) Remove garbage
5) Use plumbing and electrical equipment carefully
6) Refrain from disturbing the neighbors
7) Not destroy the premises
Lessee obligations continued
Cannot withhold consent to entry to inspect repair, provide services or show premises to potential purchasers, mortgages, renters workers or contractors
Lessor’s duty.
1) Extermination, 2) locks and keys, 3) keep common areas clean and safe, 4) remove garbage, 5) provide heat running water and hot water
Adverse Possession
Hostile
Open and Notorious
Actual
Under a claim of Right/Color of title
Exclusive
Continuous (7 years)
As is clause
Do not excuse seller from liability regarding disclosure of latent defects
Assignment
transfer of all of right, title and interest in premises.
Assignee
is in privity of estate with Landlord (LL); assignee is liable for rent.
Clause against an Assignment
A condition against assignment is “entire and indivisible,” and having once been waived, cannot be enforced again; Exception: “one-time” waiver= then not waived and condition resets
Sublease
Less than complete acceptance of lease - not in privity with LL - not liable for rent
Bona fide purchaser
(1) Pays Value- purchaser, mortgagee, judgment creditor (if he gets an execution on the judgment & then purchases the property at the foreclosure), (2) takes in Good Faith & (3) Takes w/out Notice
Actual Notice
buyer has actual knowledge of prior conveyance or interest.
Constructive notice
occurs upon proper recording of interest
inquiry notice
duty on the Buyer to physically examine the property and if someone other than grantor is in possession, they must inquire as to their ownership interests
Warranty Deed
Seisen
Right to convey
Against Encumbrances
Quiet Enjoyment
Further assurances
warranty
Special warranty deed
no title defects created during his ownership.
quitclaim deed
Seller makes no warranties; he only conveys what interest he has
Deed Formalities
Rule: 1) be in writing (satisfy Statute of Frauds); 2) reasonably identify land and parties; & 3) indicate the grantor’s intent to convey land - 2) signed by the grantor in the presence of two subscribing witnesses
Easement
non-possessory interest in land of another
Easement Appurtenant
Benefits a parcel of land; the dominant estate
Easement In Gross
Benefits a person or entity rather than a piece of land (no dominant estate)
(In FL easement in gross is personal to the original holder, no dominant or servient estate)
Affirmative easement
gives the owner of the dominant tenement the right to use the servient tenement
negative easement
easement holder prohibits other from doing something on the land
FL is a pure notice recording state:
A subsequent bona fide purchaser prevails over a prior grantee who failed to record. To be a bona fide purchaser, the subsequent party must give value and have no actual, inquiry or constructive notice of the prior conveyance at the time of the transaction
once a deed is recorded all others have constructive notice
Protecting Tenants at Foreclosure Act 2018 (federal law):
The PTFA protects a tenant after a foreclosure sale. Purchaser must: 1. give tenant a 90-day notice to vacate before evicting the tenant; & 2. honor the terms of a “bona fide” written lease if the new owner will not be living in the home (overrides FL statute requirements)
Homestead
1) title
2) primary residence
3) created before debt incurred
Homestead is property used as a permanent residence in FL. It may be up to 160 continuous acres outside the municipality or 1/2 acre in a municipality
Homestead property is not subject to devise if the decedent is survived by a spouse and a minor child
Injunctive relief
irreparable harm, clear legal right, no adequate remedy at law, consideration of public interest
installment land sale contracts
FL: treats like a mortgage, only foreclosure will remedy the situation
Marketable title
Free from doubt in fact and law at the time of closing
defects, encumbrances, encroachments and zoning defects
