MBE Ownership Flashcards
FSA
you own 100% of land forever (To a)
life estate
while alive you can do anything except commit waste (can even mortgage it)
Reversion
goes back to grantor after life estate
if life tenant owns property, they must pay
interest and taxes; not principal
remainder
interest after life estate
contingent remainder
something has to occur
vested remainder
automatically get it
vested remainder subject to open
a class; as long as one person is alive, class is subject to open
vested remainder subject to total divestment
something could eliminate it
“to C, if he has a kid, he gets nothing”
fee simple determinable
“so long as”
goes back to grantor when condition fails, automatically
fsscs
“but if”
need right of reentry, not automatic
RAP
Can property vest within 21 years
JT w/ right of surivorship
need four unities; language; transfers autimatucakky
what does conveyance do
makes it tenancy in common
remember the exception regarding ownership and coveyance with other joint tenants
tenancy in common
no right of survivorship
tenants by the enirety
joint tenancy, but with marriage; divorce severs tenancy by the entirety
personal debt has no effect unless joint mortgages
each tenant has right to entire property unless
ouster occurred
partition
chop land into 2; will occur unless not practical
if one co-tenant is paying mortgage or taxes,
may seek contribution, but if they have sole possession of property, only to the extend it exceeds market value of property
out of possession, co-tenants may share in rent, but not
demand rent from co-tenant living on land unless damaging prop
co-tenants may not seek contribution for repair but if
necessary and it was requested, then you can demand
cannot seek contribution for improvements unless
increases rents or profits
periodic tenancy
start date; goes for a period– 1 month notice for month to month; 6 month notice for year to year
Tenancy Of Year
start date to end date
tenancy at will
reasonable amount of time for termination
tenancy at sufference
evict, can leave, accepting creates prior k
LL duties
actual possession of prop, basic repairs, covenant of quiet enjoyment (quiet so you can live), warranty of habitability (code, heat, etc)
breach of last two is grounds for withholding rent
tenant duties
pay rent unless breach of warranty or CQE; no waste (affirmative waste not allowed if it says no improvements); make normal repairs
Assigment
rest of it; can go after both
sublease
go after og tenant
FHA
rent or financing based on discrimination is prohibited
fixture
if removed would cause damage
conflict of laws
law of state where land is located unless otherwise stated; mortgage or collateral- go by laws of state
