Prop Mod 1 + 2 Flashcards
Fee Simple - can pass how?
By:
- Will / intestate
- Gift
- Sale
Fee Simple - Created (words)
** Default Presumption **
Also - to his heirs, or O to A
NOT - by hopes, wishes or dreams
Fee Simple Determinable (words)
- Durational*
- So long as, while used as, during, Until no longer used
Fee Simple Subject to Condition Subsequent (words)
- Conditional Language*
- But if, then , provided, on the condition that
- -> Grantor must then Exercises a right to take possession
Possibility of Reverter - what happens
- Its an interest held by the GRANTOR following a Fee Simple Determinable
- -> Vests Automatically at the end of the Duration
Right of Entry / Power of Termination
- Its an interest held by the GRANTOR following a Fee Simple Subj. to Condition Subsequent
- -> NOT Automatic , MUST be Reclaimed
Fee Simple Subj. to Executory Interest
- Ends on the happening of an EVENT
- -> Goes to a 3rd Party / NOT The Grantor
(Anna has a Fee Simple and Ben has an executory interest)
Executory Interest
Cuts short the interest b/c something happened they didn’t want to happen
(used as a liquor store, etc)
Life Estate - Reversion
Goes back to the GRANTOR at death of life est. holder
Life Estate - Remainder
Goes on to a 3rd PARTY at the death of the life est. holder
Waste - 3 kinds
- Affirmative - purposefully caused
- Permissive - Neglect
- Ameliorative - Improvements
Vested Remainder
NEED BOTH (if not then = Contingent) - Grantee = Known / Alive \+ - NOT subj. to a Condition Precedent --> No conditions need to be satisfied prior to vesting
Contingent Remainder
Looks like Vested Remainder but fails one of the 2 elements
- Grantee = MUST fulfill a CONDITION to get it
- If Doesn’t Vest before becomes possessory - then goes BACK to GRANTOR
- Contingent remainder fails to vest
Vested Remainder Subj. to Open
Vested Remainder in a CLASS GIFT \+ Full Class = Unknown - 1 person must be Vested ~ if nobody then = Contingent - Closes when Class = Known
Rule Shelly’s Case
- life estates
Prevents reminder in Grantee’s heirs
- to Shelly for life then to her heirs
Shelly = Fee Simple Absol.
Heirs = Nothing
2 kinds Executory Interests
Executives are jerks bc they cut interests short for themselves
1) Springing = Divests the Grantor (usually 2 Parties)
- Springs off of the Grantor
- Ben to Anna after she is admitted to the Bar
- Ben - Springs off him to –> Anna when she is admitted
2) Shifting = Divests the Prior Grantee
(usually 3 Parties)
Oliver to Anna but if land used for commercial to Ben
Shifts from Anna to Ben
3 kinds of multiple owners of Land
Right to use / possess the whole (can contract out)
- Tenancy in Common
- Joint Tenancy
- Tenancy in the Entirety
Tenancy in Common
** Default**
Equal Rights
No Right of Survivorship
Joint Tenancy
4 Unities
Right of Survivorship
Must be clear intent and LANGAUGE
4 Unities Required: PITT
Possession - equal rights to possess the whole
Interest - Must be Equal Shares of same type
Time - Must receive at the same time
Title - Must receive on the same instrument of title
(if NOT all 4 then = something else ~ TinC)
Joint Tenancy - Severed
Any transfer severs it and becomes TinC
- Any lien terminates upon death so that not encumbered for survivors -
- Mortgage = Lien Theory - majority = Does NOT Destroy the JT
Tenancy by the Entirety
ONLY Married People
- right of survivorship
- Cannot alienate
w/o consent
Ouster
Co-tenant denies entry (puts locks on)
- must ask for entry , then get
Remedies: injunction or Damages
Rent , expenses, repairs, improvements
TinC
Rent, Expenses = divided in % of interest (can collect contribution)
Repairs, Improvement = no right to reimbursement (can get credit at partition)
Partition by Ct
Will divide unless physically impossible or unfair ~ forced sale
Leases - 4 types
- Tenancy for Years
- Periodic Tenancy
- Tenancy at Will
- Tenancy at Sufferance
- Tenancy for Years
- Created - by agreement for any ascertainable period of time (month, 6 months, year, 5 yrs)
- Longer than 1 Year = in writing + signed
- Terminates - Automatically ! Tennant can surrender or commit a material breach (not pay)
- Periodic Tenancy
- Repetitive and ongoing for time (month to month)
- Renews Automatically until NOTICE of termination
- 1 PERIODS NOTICE
- NOTICE = effective on last day of period ..next if in middle
- Created ~ Express or Implied
- Tenancy at Will
- Terminated at ANY TIME by either
- created: Express or Implication
- -> implication - if only Landlord given right to Terminate ~ Tenant can too
- -> BUT if only Tenant given right ..then NOT LL too
- Tenancy at Sufferance
Hold over tenant
- LL can either evict or re-rent to Tenant
- Created by actions of the tenant
- Terminates when Tenant leaves , eviction, re-rent
- -» If re-rent ~ then rent is same unless Prior to old expiration notified tenant
Duty to Pay Rent is suspended - 3 situations
- Premises are destroyed - not by tenant
- LL Evicts - full or part
- LL Materially Breached lease
- Implied Covenant of Quiet Enjoyment
- Implied Warranty of Habitability
Implied Covenant of Quiet Enjoyment (4 elements)
Substantially unsuitable for the intended purpose
+ Constructively Evicted
1) Unusable for intended purpose
2) Tenant notifies the LL
3) LL doesn’t correct
4) Tenant (MUST) vacate after reasonable amount of time
Implied Warranty of Habitability
Health + Safety
- can NOT be Waived
- Housing Code failure = Breach
- Residential ONLY
- When not habitable*
~ Refuse to Pay (Notify + give time to fix)
~ Remedy Defect and offset costs
~ Defend against Eviction
LL - Duty after Tenant leaves early
Duty to mitigate – attempt to re-rent to offset costs
LL Duty to deliver premises
Maj = Deliver physical possession (comes up in holdover tenant situations )
LL has to control and make safe the …
common areas + Nuisance tenants
Assignment vs. Sublease
Assignment = the whole remaining term Sublease = part of remaining term
Assignment - Rent collection from who?
EITHER
tenant or new tenant
Sublease - Rent collection from who?
ONLY the Tenant
Sublet or Sale - permission to do so
LL - does NOT need permission
Tenant - only needs permission if required in lease
- LL can only deny for commercially reasonable reason - Can deny for Financial Inability to pay or Criminal Record
> > After assignment by the LL to new LL - permission to change terms of lease
required b/c lease not up
Contingent remainders = die ….
w/ the holder
Who Pays (life tenants):
- Interest on a Mortgage
- Taxes
- Insurance
- Mortgage Principal
- Who is entitled to Rent
- The Life Tenant
- The Life Tenant - up to income
- The Remainder Man
- The Remainder Man
- Life Tenant
In Lien Theory state, does a mortgage by one joint tenant destroy the tenancy ?
NO - does NOT destroy the tenancy
