General Flashcards
Is there an implied warranty of fitness for new homes in VA?
Yes, generally extends for one year.
Does Va require a seller of residential proper to inform a buyer of “caveat emptor” rule?
Yes, in this required statement:
“The owner makes no representations or warranties as to the condition of the real property or any improvements thereon . . . and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary, including obtaining a home inspection.”
Adverse possession time limit SOL
Va requires possession to be continuous and uninterrupted for 15 years.
Seasonal of infrequent use may e sufficient if it is consistent with the type of property (ie hunting camp/vacation home)
Time frame for extension by disability of SOL for adverse possession.
a disability will not extend the stat period beyond 25 years after the adverse possession began.
If a child is in possession of a parent’s land what is the presumption?
That the child has permission, and is therefore not hostile.
Unless clear definite or unequivocal notice of Childs intention.
A co-tenant cannot obtain the interest of another co-tenant by adverse possession unless:
Actual or constructive notice of intent to oust is given.
Can you gain adverse possession of a remaindermans estate?
No, will only get adverse possession of life Tenant.
SOL for adverse possession against the reamainderman begins to run when the life tenant dies.
Does a failure to record a deed affect the validity of an instrument?
No.
but a grantor must acknowledge a dee or it must be proved by two witnesses in order for it to be record.
Title may pass without recording.
If recording statue is involved in question what do you do?
Discuss both notice and race notice, as VA could be interpreted as either.
Is possession of property alone sufficient to establish notice?
No, although VA does recognize inquiry notice, possession alone is not sufficient to put a sub. purchaser on inquiry notice.
Under Virginia statute, the words “with English covenants of title” includes the covenant:
i) That the grantor is seized in fee simple of the property conveyed (covenant of seisin);
ii) Of the right to convey;
iii) To be “free from all encumbrances”;
iv) Of “no act to encumber” by the grantor;
v) Of further assurances; and
vi) Of quiet possession (i.e., covenant of quiet enjoyment).
What is a special warranty deed in VA?
The seller only warrants that he has not created any defects in the title.
VA most common Security Interest Types:
Deed of trust
Mechanics lien
Judgement lien
What is a deed of trust?
Most common,
The trustee may first apply any proceeds from the sale of property after a buyer defaults to expenses incurred executing the trust, including reas. commission to the trustee.
Mech. Lien filing req:
Must be filed within 90 days of the last day of the month in which labor was performed.
Judgment lien:
Every judgment becomes a lien on the judgment debtor’s real property when it is recorded on the judgment lien docket of the clerk’s office of the county or city where the land is situated.
A judgment creditor may execute the judgment by levying on such real property.
