Missed property Flashcards
What is subrogation?
Subrogation allows a third party to take a senior mortgage’s priority when the 3P (1) fully pays off the senior mortgage and (2) has no actually knowledge of junior interest
What is a holdover tenant?
A tenant who remains in possession after the lease term expires is a holdover tenant
L can file suit to remove the tenant
Accept rent and hold tenant to a periodic tenancy
When should a notice for termination of a periodic tenancy be given?
Periodic tenancy can be terminated at the end of a period and before the final period starts
When can a tenancy at will be terminated?
Can be terminated by the L or T or automatically when L conveys a PRESENT interest in the property to a 3P
If a future interest, then the tenancy continues
Can a BFP rely on a forged or altered document to establish priority under the recording act?
No
What does a valid deed require?
A valid deed must be
- in writing and signed by the grantor
- identify the grantor and the grantee （must be ascertainable)
- contain words of transfer and
- describe the property being transferred
What is an unjustifiable abandonment? and what can the landlord do?
Unjustifiable abandonment when the tenant leaves the property with the intent to terminate the lease without legal justification and refuse to pay rent
If L accepts the offer, the lease is terminated and T is not liable for future rent.
Acceptance can be made in
1. express agreement OR
2. retaking possession with L’s own use OR re-renting the property
What is the doctrine of worthier title?
It prevents against remainders in a grantor’s heir
Creates a presumption of a reversion to the granter
What is the Rule in Shelley’s case?
Prevents against remainders in a grantee’s heirs
Uses the doctrine of merger to create a fee simple
What does life estate become after transfer? Is it measured against the past life tenant or the current life tenant?
It become life estate pur autre vie and measured by the past life tenant
What are the exceptions to the class gift rule?
Transfers of specific dollar amount to each class member
Transfer to a sub class that vests at a specific time
Waste in life tenant? Different types?
Permissive waste - negligent care of property
Voluntary waste - decrease value of property,
Ameliorative waste - no decrease in value is ok
What is vested remainder subject to complete divestment?
Condition subsequent that divests the vested remainder
When does termination notice must be given?
Before the last term starts and effective as of the last day of the period
If year to year period, notice must be given at least six months
When can L recover for future rent?
Generally, there is no anticipated repudiation, so no recovery for L
If the state allows AR, L can recover the difference between future rent under lease and either (1) reasonable rental value or (2) actual rent collected from re-letting
BUT if T abandons and L rejects, then T is liable for future rent, and L must mitigate damages by re-renting
What are the relief available if there is partial eviction by adverse possessor or trespasser?
Nothing. T is not excused from paying rent
What is constructive eviction?
Constructive eviction happens when L substantially interferes with T’s enjoyment, T give notice to L, L fails to respond, and T must vacate the premises within reasonable time
When is a variance granted?
Granted if
- enforcement of a zoning requirement would cause the landowner unnecessary hardship AND
- the variance would not be contrary to public interest
What are two types of variances?
Use variances - allow land to be used differently than currently zoned use
Area variances - allow structure on the land to look different than structures on the rest of the zoned area
Do TIC have right to all or only natural resource proportionate to their interests?
Only proportionate to their interest
What happens to a lien on a TIC? and what happens at a partition by sale?
Creditor only has a lien on T’s property interest.
At the sale, the lien will either
1. If creditor is not a party, remain on the T’s property interest
2. If creditor is a party, attach to T’s share of proceeds
What are the different types of listing agreements?
Open - Seller may use other brokers to sell and commission goes to whichever broker finds a buyer
Exclusive agency contract - Seller can find buyer, and if seller does so without the broker’s help, broker receives no commission
Exclusive right to sell - commission goes to the broker if the property is sold during the listing period, no matter who finds the buyer
When is liquidated damage in a land sale contract unreasonable or constitute a penalty?
When the liquidated amount exceeds 15% of the purchase price
What does a recorded equitable interest have priority over?
A subsequent judgment lien
