MBE Property

Question 1

Mortgagor Duties

Answer 1

Has a duty to not commit waste

Question 2

Co-Tenant Rights for Repairs

Answer 2

Cannot directly compel co-tenants to share expenses for contribution.

Can compel for necessary repairs in a PARTITION.

Question 3

Implied Warranty of Habitability

Answer 3

A violation of the housing code that constitutes a substantial threat to the tenant’s health or safety is a breach of this warranty. A breach of this warranty can provide a tenant with a defense to an eviction action.

Question 4

Doctrine of Part Performance

Answer 4

The doctrine of part performance may be asserted by either party to a land sales contract in order compel specific performance of the contract.

Question 5

Mortgage Payout Priority

Answer 5

The money from a foreclosure sale is applied first to the costs associated with the foreclosure sale itself (which would include attorney’s fees), second to the mortgage obligation being foreclosed, and finally to the mortgage obligations owed to all junior interest holders. When multiple interests must be paid out of the proceeds, generally, the earliest mortgage placed on the property has priority over the other interests.