Property Flashcards
Tenants in common (natural resources)
Right to possess entirety including natural resources.
Life tenant liability for 3rd party damage
A life tenant is not responsible for damage caused by a third-party tortfeaser. Thus, the general rule that a life tenant has a duty to reasonably repair the property does not apply in this case
Life tenants duty to pay
Insurance, taxes, and interest on mortgage to the extent that proper turns a profit
Co-tenant buy back
Cotenants have a fiduciary obligation between each other, such that if one cotenant buys back his property at a tax or mortgage foreclosure sale, the other cotenants can reacquire their original interests by paying their due contributions on the tax deed
Co-tenant duty to pay rent
Not required
MBE right to reimbursement for repairs/improvements
No right but can get credit at partition
MBE co-tenants and necessary expenses (interest/taxes)
Can seek contribution
Ny destructible contingent remainders
Not recognized
NY RAP modification
Ladies over 55 can’t give birth
NY ameliorative waste
Ok if:
Appropriate, value enhancing, not prohibited, for 5 years and wi 30 days notice
NY effect of lien on joint tenancy
No severance
- only default or foreclosure
NY assignment/sublease
Assignment - deny for any reason
sublease - requires consent but cannot arbitrarily deny
Equitable servitude
“i) There must be intent for the restriction to be enforceable by successors in interest for the benefit to run and enforceable against successors in interest for the burden to run;
ii) The servitude must touch and concern the land; and
iii) The person against whom the servitude is to be enforced must have notice (whether actual, record, or inquiry notice) of the servitude.”
Excerpt From: Themis Bar Review, LLC. “Real Property Distinctions.” Themis Bar Review, LLC, 2013-03-06T07:00:00+00:00. iBooks.
This material may be protected by copyright.
Convenant
Writing Intent to run with land Touch and concern Notice (burden only) Privity - horizontal (burden) - vertical
Warranty of suitability
Cannot be disclaimed with general language
Statutory redemption
jurisdiction may, by statute, provide a statutory right of redemption, which sets out an additional time period after the foreclosure sale during which the prior mortgagor and perhaps others have the option to pay a certain sum of money and redeem the title to the property
NY co-tenant reimbursement
- A co-tenant is entitled to reimbursement for reasonable repairs necessary to preserve or protect the property,
- but a co-tenant is not entitled to reimbursement for improvements made for the co-tenant’s own purposes or benefit without the agreement of the other co-tenants.
Landlord duty to keep premises in good repair
landlords of multiple-family dwellings must keep properties in good repair.
- Tenants are also required by law to keep rented properties in good repair and may be held liable if damage is caused by the tenant’s acts or negligence, or by the acts or negligence of a third party under the tenant’s control.
Specific performance after minor breach in sale of RP
whether specific performance is granted will depend on whether Defendant was capable of performing, and will not turn on the fact that a late installment payment was made.
