Ownership Rights Flashcards
Define Vested remainder
The remainder is not subject to any conditions precedent AND be held by an assertainable grantee (an identifiable living person)
Vested remaineder subject to open and subject to complete divestment.
Define Contingent remainder
The remainder is subject to an express condition precedent (other than the natural termination of the prior estate) OR held by an unknown or unborn person
When is Consent between co-tenants in common required? (3)
- Convey entire co-owned prop.
- Obtain exclusive possession over part of property.
- Bind other co-tenants interests in contract with third party.
When is consent not required between co-tenants in common? (3)
- Sell, lease or devise personal ownership interest (or Mortgage)
- Possess entire co-owned property
- Extract minerals from co-owned property (unless committing waste).
The Fair Housing Act prohibits discrimination in the sale or rental of housing on the basis of:
Race, color, religion, national origin, sex, disability, or familial status.
Protected familial status includes having children under the age of 18 and being pregnant.
Tenancy in common, def, attributes and transferability?
Def: default co-tennancy.
Att:
1. separate and possibly unequal shares of property
2. Equal right to possess entire property
3. no right of survivorship (ROS)
4. Interest freely devisable/transferable
Trans:
1. Alienable during life
2. Devisable
3. Inheritable
Joint tenancy, defention, attributes and transferability
Defnetion: 2 or more people own the property with ROS.
Attributes: PITT
1. Equal rights to Possess the whole
2. With identical equal Interests
3. Created at the same Time
4. By the same Title
Transfer:
1. Alienable during life, BUT this severs tenancy, and makes the JT a Tenancy in Common ownership interest, but only with respect to the severed share
IE: Sale can occur without consent, this severes JT as to the sller but JT of non-transferors remains intact.
Tenancy by the entirety
Att: Joint tenancy between married persons
Transfer:
Alienable with spouse’s consent.
A life tenants duty to pay current charges on the land is limited to the:
Financial benefit that the life tenant receives from the property.
Therefore, this duty is not owed if the life tenant is not in possession of and receives no income from the property. (Weird rules)
Stated differently: Unless the document creating the life estate provides otherwise, a life tenant has the duty to pay all current charges (eg. property taxes, mortgage interest) up to the amount of income that can be generated from the land.
A tenancy for years (ie an estate for a fixed and ascertainable term) terminates automatically upon:
The expiration of the term, without notice from either party.
A co-tenant can acquire sole ownership of co-owned property through adverse posessission if he/she:
Ousts the other co-tenants by preventing them from using or accessing the property (and meets all the other requirements for adverse possession).
Ways of ousting a co-tenant can look like changing the locks, constructing a fence, or physical removal of the co-tenant
Shelly’s Case Rule
The Rule in Shelley’s Case provides that a conveyance which attempts to give a person a life estate, with a remainder to that person’s heirs, will instead give both the life estate and the remainder to that person.
