Property Flashcards
Purchase-money mortgage
the money you use to purchase the property.
If there are multiple loans, which loans on the property gets paid back first
Purchase money mortgage
Redemeption is the remedy to
get the property back
Equitale redemption
is the period of time from the notice of foreclosure until the foreclosure sale, this period of time
What r the 2 types of equitable redemption
equitable and statutory
Can the equitable redemption be waived
No
Statutory redemption
is the period of time after the foreclosure sale until whenever
Do you automatically have statutory redemption
No
If you live in a lien theory state, lien theory state, when the bank or whomever gives you the money, they only have___ and you have
linen on the property and you have legal title
TItle theory means who owns the property
Bank and you just have the right to live there
what can you not do it a title theory jurisdiction
you cannot sell the house
Joint tenants in a title theory jursidiction what happens to the JT
a TIC is created because the bank gets the title
How can the secondary liable get out of the assumable mortgage
a novation
deed in lieu of foreclosure means
you simply hand over the deed to the bank or whomever is owed the money, and you skip all the foreclosure proceedings
What is needed for a foreclosure with mulitple parties
Notice of a foreclosure sale and joined the suit
Deficiency judgement occurs when
The money that was recouped at the sale is deficient from the whole balance
Installment land contract example
Buy a house for 200,000 and in lieu of the check, he will give you 10,000 a month for 20 months
When do you get title to the installment land contrat
when you pay off
what happens if you default in a land sale contract
either forceslosure or seller can come in and take property back
A private nuisance is a
i) substantial
(ii) unreasonable interference with
(iii) another private individual’s use or enjoyment of property
(iv) that he actually possesses or to which he has a right of immediate possession.
Susbtanital in a private nussiance is when
When is it not substantial.
if it is offensive, inconvenient, or annoying to the average person in the community.
if it is merely the result of the plaintiff’s hypersensitivity or specialized use of her own property.
Unreasonable interference in a private nussiance
the severity of the inflicted injury must outweigh the utility of defendant’s conduct.
What must the court take into account in a unreasonable interference
every person is entitled to use his own land in a reasonable way, considering the neighborhood, land values, and existence of any alternative courses of conduct open to defendant.
Public Nuisance
an act that unreasonably interferes with the health, safety, or property rights of the community.
When is recovery by a private property in a public nuisance available
only if the private party suffered unique damage not suffered by the public at large.
What is defense to both private and public nuisance
Laches
Laches
unreasonable delay by the party in bringing a claim, that caused prejudice to the other party
Tresspass to Land
requires that the defendant (i) cause (ii) an intentional (iii) physical invasion of plaintiff’s real property. The defendant need only have the intent to enter the land.
Defense to T2Land
Consent, Private Necessity
Consent
complete defense to trespass to land.
Private Necessity
A person may interfere with the property of another when it is reasonably and apparently necessary to avoid threatened injury and when the threatened injury is substantially more serious than the invasion that is undertaken to avert it. When the act is solely to benefit a limited number of people, it is a private necessity. However, while the defendant is relieved of liability, he must pay for any injury he causes unless the act was to benefit the property owner.
Prescriptive easement
nonpossessory interest in land, creating a right to use the land possessed by someone else.
Prescriptive easement is acquired when the possesion was
hostile
open and nortious
continious for statuory period
The Takings Clause of the Fifth Amendment provides that private property
may not “be taken for public use, without just compensation
How does the takings clause apply to the states
14A
The power of the goverment ot take private property for public purpose is known as
Eminet domain
What are the 4 things you discuss in a takings clause analysis
Property interest
taking
Public use
Just compenstation
Property interest
For a person to challenge a governmental action as an unconstitutional taking, the person must have a property interest.
Taking - Seizure of property
The classic application of the Takings Clause is the seizure of private property for governmental use, such as acquiring privately held land in order to construct a courthouse.
Public Use challenge
A government may seize private property not only for its own direct use but also to transfer the property to another private party. The taking need merely be “rationally related to a conceivable public purpose
Just compenstation for the taking is
FMV at comparable sales in the neighborhood at the time of the taking
