Pro Flashcards
Ownership of land
Ownership of land
Joint tenancy – each party owns undivided half with RIGHT OF SURVIVORSHIP * when joint tenancy is destroyed by conveyance, new ownership is a Tenancy in Common
Tenancy in common – each party owns half with NO right of survivorship
Tenancy by entirety – married couple have right of survivorship
Two docs to transfer property – real estate contract and deed
Real Estate Contract – key elements – DOES not transfer LEGAL title but EQUITABLE
Must be in writing – SOF
Must include parties, price, terms, ect., description, other K principles
Execution transfers EQUITABLE TITLE via EQUITABLE CONVERSION – risk of loss on buyer (equitable conversion applies when you sign the real estate k – the equitable title, interest, and risk of loss passes to buyer)
Marketable title (clean) is implied in every real estate K.
DEED – key elements
Must be in writing - SOF
Must be delivery of deed – shows intent to convey; delivery = intent (delivery when you did all you could)
Must include legal description of property (reasonable standard)
Identifiable grantees – who gets a property?
Merger of real estate k (merges into a deed – after closing – you have tosue under breach of deedas k is now merged)
Execution conveys LEGAL TITLE (Ownership)
3 types - warranties
General warranty deed – conveys clean title, promising all is okforever
6 warranties (3 present 3 future)
Special warranty deed – conveys clean title promises all is ok while current owner lived there
Quitclaim deed – conveys only what title seller has, no promises
Mortgages
Purchase money mgt – money borrowed goes to buy the house, ALWAYS HAS PRIORITY!!!! (first loan)
Assumablemgt – new owner becomes personally liable on the note but the bank can come after original seller unless NOVATION
Subject to my mgt – original owner remains liable on the note
Lien theory – bank has a lien on property, resident has LEGAL title
Title theory – bank has LEGAL title, resident has an equitable interest, when they pay off the mortgage, they receive title (can’t sell it w/o bank’s permission). Combine issue with join tenancy – there is a severance if you get a mgt
Redemption
Equitable redemption (not waivable)– period of time from notice of foreclosure until sale that resident can pay off debt and keep property – beforetime from notice to day of foreclosure Statutory redemption – period of time from sale until whatever statute provides that resident can still keep property. After foreclosure sale – more time to redeem (not guaranteed – by statute)
ADVERSE POSESSION
ADVERSE POSESSION – stay on property so long, you get TITLE Must be on property Exclusive Continuous Open Notorious Hostile
RECORDING STATUTES
RECORDING STATUTES - Give the same property to different people
Race – first person to courthouse who records deeds, wins!
Notice (FL) – LAST/SUBSEQUENT BFP with NO NOTICE, wins!
Race Notice – first BFP who records, Wins!
BFP – Bona Fide Purchaser – someone paid for value and innocent (no notice). Creditors (credit cards) are not considered BFP; mortgagee – is a BFP
CAN’T be a BFP if: Got property by gift
Will
Adverse possessor
RIGHTS IN LAND
RIGHTS IN LAND (right to do something on someone else’s land)
EASEMENT – one owner letsanotherdo something on their land * May be created in writingor not
Created by
Necessity – no other way to get off your land unless you cross
Implication – implied from prior use
Prescription – used property for so long – looks like adverse possession - you have only right to use but no TITLE
It lasts FOREVER
Easement terminated by:
Terminated by: Abandonment No longer use AND Show intent not to return Easements merge – 1 party buys other property – gets rid of property
COVENANTS
COVENANTS (right to use a land of another)
Promise between 2 owners to do or NOT do something
Promise to let you do something on property
Looks like a contract, in writing, remedy = legal damages
Restrictive covenant – promise NOT to do something
Generallyrun with the land (last forever) as long as touch and concern
Intent that it will run with the land
Touch and concern (not personal between parties – about use of the land itself)
Notice
Privity (landlord tenant only)
Equitable servitude
Equitable servitude – restriction on use of land… looks like restrictive covenant, but found in subdivision (Common plan or scheme – restrictions same to everyone), as long as ALL lots have same restriction, it is enforceable (someone not doing what they supposed to do – you seek injunction)
** Also called implied reciprocal servitude
* equitable remedies – injunction
License – permission to enter land of another, but revocable at will by owner
Profit – you have the right to TAKE something off the land of another (dig for oil, gold)
Future interest (FI)
Future interest (FI)
Fee simple absolute – owns 100% for all time
Life estate – owns 100% for your life (total control – can mortgage). After life – reversion.
Remainder goes after death,
FI = remainder (contingent – vested)
Remainder – at a then to b – vested or contingent
Vested – get no matter what
Contingent – may get it based on contingency (if something)
FI more + RAP
Fee simple determinable – ‘so long as’
FI = possibility of reverter, interest automatically reverts back
Fee simple subject to condition subsequent – “but if” (event in a future) = right of re-entry – interest does not automatic: person must go get property back!
Rule against perpetuity – if either determinable or subject to condition
Subsequent there is subsequent grantee, then RAP applies and that conveyance is VOID
Other conveyances are ok, only one that violates RAP is void
Landlord – tenant
Landlord – tenant
Types of tenancies – years, month to month, at will, sufferance (always know the amount of notice that you need)
Landlord duties – warranty of habitability (violations of code, health – must be extreme), make repairs, deliver physical possess of property on first day of the lease term
Tenant duties – pay rent, no waste (making waste – destroying property, not doing anything when should fix or notify)
Sublease – original tenant remains primarily liable not new tenant
Assignment – new tenant becomes primarily liable (unless novation)
Fixtures – chattel that by removing them, you would damage property
