Mortgages and Liens Flashcards
Under VA law, a landlord may not require a security deposit in excess of what?
two months of rent for residential leases
An apartment owner shall have an _________ right to his apartment.
exclusive
An apartment owner shall have a _____ right to share with other co-owners, in the common elements of the property.
common
Mortgage deed purports to convey title to the mortgage, the title remains with the ______ and the mortgagee receives a _____.
mortgagor
lien
Unlawful entry or detainer action must be brought within ____.
3 years from the unlawful entry or detainer.
How long is the statute of limitation tolled on the right to foreclosure property upon the death of the mortgagee?
1 year.
Under the uniform statutory rule against perpetuities, an interest is valid if:
- valid under Rule against Perpetuities
2. actually vests or terminates within 90 years of creation
Under VA law, landlord’s written disclosure states that there is no visible evidence of mold in the dwelling unit, the statement is deemed correct unless the tenant objects in writing within ____ after receiving the report.
5 days
In VA, statute of limitations for adverse possession of real property?
15 years.
What is the right of equity of redemption?
Allows a mortgagor who defaults to redeem prior to the foreclosure sale the outstanding mortgage debt
- cannot clog the equity of redemption
How can junior mortgagees protect interest at a foreclosure sale of a senior mortgagee?
protect interest by paying off the mortgage
Who bears the burden to establish a deed absolute is in fact a mortgage?
mortgagor
consider:
1) who retains possession
2) amount of consideration
3) existence of covenant to grant back
4) existence of antecedent debt owed to grantee that prompted transfer
Under the doctrine of after-acquired title, when a party becomes an tenant in common, the lien created by the deed of trust ____ to the party’s interest in the property.
attaches.
A deed of trust for a construction loan attaches to all ___.
the improvements made after recording the deed.
If husband devises land to wife for life, then to first son for life. When husband died, he had two sons. First son predeceased wife leaving two heirs. Wife transferred land to friend Morgan by will. Upon Wife’s death, is the transfer valid?
Yes because doctrine of merger. Holder of life estate and reversion (via intestate succession from husband).
