Property Flashcards
Fair Housing Act
The Fair Housing Act requires the landlord to make reasonable accommodations for disabilities and a tenants need outweighs any concerns underlying landlords prohibition and a lease.
Choice of Law of Property
In a case involving real property, if there is a conflict as to which state law should be applied to resolve the issue, the general rule is that the forum court should apply the choice of law rules of the state where the property is located. The choice of law of the state would then direct the forum court to apply is own local law in resolving the issue.
Forclosure Sale + Purchase Money Mortgages
For a judicially supervised foreclosure sale the foreclosing mortgage
1. must give notice to the holders of any junior interests in the property.
2. Any others who have an interest in the property or who are liable on the debt may be joined as proper but unnecessary parties.
A purchaser has a purchase money mortgage when they purchase loan proceeds to purchase the residence.
Sellers purchase money mortgage generally has priority over a lenders purchase money mortgage regardless of who recorded first.
If Forclosure + PMM = 1. Seller Priority (senior) and 2. Lender junior. Senior must give notice to junior about forclosure sale. Senior may give notice to other interest holders but doesnt need to.
Doctrines Affecting Conveyence by Will
Rights and Duties of Co-Tenants
Equitable Servitudes
An equitable servitude operates like a real covenant with easier requirements. Main difference between a real covenant and an equitable servitude is in the remedy. The remedy for a breach of a real covenant is money damages the remedy for a breach of equal servitude is injunctive relief.
For equitable servitudes there is no privity requirement. In order to bind successor, the following four elements must be present.
a. The stereotype must be included in writing in the original conveyance.
b. The original parties must have intended for the servitude to run with the land.
c. The servitude must touch and concern the land (effect both the promise and the promisor).
d. The new owner must have notice of the servitude. Notice maybe either actual constructive or inquiry notice.
Covenants v. Equ Serv
Main differnce is remedy (Covenant - Money Damages Equitable Servitude - Injunction)
Same requirements except Eq Serv does not require privity.
Fee Simple Absolute Versus Fee Simple Determinable
defeasible fees are limited by specific duration or conditional language. Language that limits **only the purpose of the transfer **instead creates a fee simple absolute.
For fee simple absolute book for language such as “for the purpose of”. For defeasible fees look out for “so long as” or “but if”.
FSA = conveyence effective and will is not valid.
FSD = conveyence ends once condition isnt met.
May a tenant remove fixutres from a leashold?
Yes if:
* T provided the fixtures (trade fixtures) themselves and they remove before leashold ends; and
* removal will not substantiall harm property.
If T removes, he must ensure premises is reasonbly restored to prior condition.
Assigning Option to Purchase a lease
If a lease with an option to purchase, then determine what jurisdiction applies.
If none is stated, then assume majority rule. T
Therefore, if option is assigned, then it is not valid.
Variances
A variance is created when a landowner is given permission to deviate from a zoning ordinance. Variances are usually granted when (1) following zoning would cause landowner undue hardship and (2) the variance is not contrary to public interest.
Equitable Conversion
Equitable Conversion:
Period between contract formation and closing.
Seller retains legal title until closing
Buyer obtains equitbale titke after k formation
(1) buyer equitable title transferable
(2) liquidated damages must be under 15% of purchase price to be recoverable
If property destroyed after formation but before closing, damages on buyer
When dispute about title to land, think
Estoppel! Quais k is more for compensation relief for improvements to land, whereas estoppel is for claim to title
The six covenents
When purchasing a home, there are three present coveneants and three future. Present covenants an only be brought at closing or by the home buyer.
Covenenant of Seisin (deeds descibes rightful owner), Right to Convey (grantor has right to sell property), agaisnt encumberances (no foundational or defective problems)
once a buyer gets the deed at closing, there are three future covenatns that he can bring an action agasint seller for:
Covenant of quit enjoyment, warranty (grantor promises to enfed agasint future developments that extend into grantees property), and further assurances (grantor will do what it takes to cure future problems.
prepayment of mortgage
a debtor has the right to prepay a mortgage debt unless the mortgage provides otherwise. Prepayment prohibitions or penalities in a mortgage are generally valid and enforceable.
When a deed is silent or ambiguous as to the transferee’s liability then the transferee buyer is considered to have…
taken the property subject tot he mortgage obligaiton
