MBEProperty Flashcards
Vested Remainder Subject to Open
- includes kids in womb at time of closing
- rule of convenience closes class when any member able to take
Two circs in which remainder is contigent
- grantee unascertainable
- subject to unfulfilled condition precedent
CL: destroyed if not vested at time preceding estate terminated; modern law: revert to grantor + contingent remainderman has springing executory interest
Joint Tenancy: Creation
- Clear expression of right of survivorship
- 4 unities: possession, interest, time + title
Co-Tenants: Right of Possession
- No rent + no shared profits from use, except each entitled to share of natural resources + rent from 3d ps (minus op expenses)
- Contribution for taxes/mortgage, repairs if nec + notice
- No contribution for improvements, but credit at partition (and vv)
- Ouster = cause of action if rt interfered w/
Fair Housing Act
- for racial, only need disparate impact
- protects familial status, but exempts rsnbl zoning based on max occupancy
- exempt: (i) single-family housing if no broker + (ii) owner-occupied buildings w/ four or less units (boarding house) (but still no discriminatory ads for either)
Duties Landlord to Tenant
- Possession (minority: only legal)
- Repair (except damages caused by res T; commercial, duty can be on T in lease)
- Warranty of habitability: prop must be reasonably suited for res use; cn be waived; T must notify before w/holding rent
- Quiet enjoyment: L responsible for other T’s nuisance-like behavior + control common areas; constructive eviction if SINFUL
Limitations on Tenant’s Right to Assign/Sublet
- Even if lease prohibits, T may still do either, but L can terminate lease + recover damages
- If only upon L permission, L may only w/hold for commercially rsnbl ground; if waives rt to object for one, waives for all
Land Sales Contract + SOF
- writing; 2. signed by party to be charged; 3. contain all essential terms (parties, prop description, price)
Except: 1. part performance (payment, possession, substantial improvements); 2. detrimental reliance; 3. admission
Land Sales Contract: Marketable Title
Implied covenant in all land sales K; means title free from unreasonable risk of litigation (can be waived)
Land Sales Contract: Implied Warranty of Fitness
- Covers latent, material defects not reasonably discoverable thru inspection
- Cn be waived
- Includes warranty of workmanlike construction for new homes
Land Sales Contract: Equitable Conversion
- risk on B unless loss attributable to S
- S’s creditors cn reach property (but yes interest in sale proceeds); if S dies, proceeds to devisee of personal prop b/c prop treated as adeemed, but if anti-ademption statute, then to devisee of real property
- B’s real property interest passes in will + devisee gets specific performance
Acceptance of Deed
Grantee presumed to have accepted any beneficial conveyance; if accepts + changes mind even moment later, cn return/cancel w/out new deed being executed
Contents of Deed
Parties, words of transfer, description of property (must be rsnby definite, but extrinsic evidence admissible to clarify) + grantor’s sig
Equal-Dignities Rule + Exceptions
- When act performed by agent on behalf of principal must be in writing, agent’s authority must also be in writing
- Exceptions: corporate officer w/ authority due to office, person whose only act is to sign deed on behalf of principal, or detrimental reliance
Estoppel by Deed
Grantor who conveys interest to land before actually owning it estopped from later denying effectiveness of deed; transferred automatically to grantee *except* against a BFP
