land law Flashcards
What is an interest in land?
A proprietary right of a more limited use
What is a proprietary right?
It is seen as a burden on the land.
What are examples of legal interests?
Mortgages, easements granted for a term equivalent to a freehold or leasehold estate, rights of entry
What are examples of equitable interests?
Freehold covenants, estate contracts, interests in a trust of land, easements granted for an uncertain term.
What is a mortgage defined as?
A mortgage is a bundle of rights granted over property in exchange for a loan of money. These rights include the right to possess and sell the land in the event of default in the mortgage repayments. (it is the borrower who grants the mortgage, NOT the lender)
What is the definition of an easement?
A proprietary right to use land which belongs to somebody else. The use is more limited than an exclusive right to occupy or use.
How long should an easement be granted for?
Must be granted for a term equivalent to one of the legal estates (eg, like the freehold or for a certain period like a lease)
What is a forfeiture clause?
A right of entry in a lease
What is a right of entry?
Is a legal interest in the land and is either: a right for a landlord to re-enter leased premise and end of the leasehold estate or a rent charge owner’s right to hold the land if money owed is not paid
What is a covenant?
It is a promise
What is a restrictive covenant?
These are negative in nature, they prevent a land owner from doing something on their land. It is not a recongised legal interest in the land. [it is an equitable interest in the land.]
What is an estate contract?
A contractual right to a legal estate, whether freehold or leasehold
What are the two types of trust you can have on land?
Express trust and implied trust.
What are the two key reasons for why we need to distinct between legal and equitable interests?
The remedies available to them are different and enforcement.
What type of right is an easement?
A proprietary right to use the land which belongs to someone else. Use is more limited than an exclusive right to occupy or use