Property Flashcards
FSD
durational
Possibilty of reverter – automatic
FSSCS
Conditional
Right of Reentry – not automatic
W executed/delivered a deed to unmarried N conveying RP to him “upon his marriage.” N recorded deed. W died, and O gets RP via intestacy.
What are the interests?
O has FS-SEI
N has sprining EI
Absolute Deed – mortgage
This is an equitable/alternative mortgage when a debtor gives an absolute deed––deed free of encumberances––to a lender w/ intent to secure a debt
Grantor must prove by CCE that deed was intended as security
Adverse Possession
O - open
C - continuous (SOL not tolled)
E- exclusive
A - actual
N - notorious/hostile
Easement Appurtenant
Benefits easement’s holder’s land
Benefit and burden automatically transfer when land is conveyed
Easement in Gross
Benefits easement holder personally
Burden (not benefit) automatically transfers when land is conveyed
Affirmative Easement
Allows easements holder to do something on servient estate
Negative Easement
Restricts servient-estate owner’s lawful use of servient estate
Express Easement
Type of creation
Created by parties in writing that satisfies SOF
Irrevocable License – easement
License becomes irrevocable due to estoppel or coupling w/ another servitude
Types of Implied Easements
Necessity
Implication
Easement by Necessity
Implied by law due to necessity
Easement by Implication
implied by fact due to prior use
Easement by Prescription
Way to create easement
Adversely acquired via OCAN
Open, continuous, actual, hostile
Cotenant Compels Contribution
Cotenant that pays more than their fair share of necessary property-related expenses can compel cotenants to contribute based on their ownership interest
Rights of Cotenant in Concurrent Estate
- Possess & enjoy the entire property
- Receive proportionate shares of net profits from removal of natural resources
- Receive pro rata shares of rent from TP
Duties of Cotenants in Concurrent Estates
- Pay proportionate shares of expenses that may give rise to a lien (mortgage, property tax)
- Contribute to repair or improvements costs, but only upon K
Implied Warranty of Marketable Title
Title is:
1. reasonably free
2. from doubt, and
3. under no threat of litigation
4. such that a reasonable person would accept & buy it
Red Flags for Marketable Title
- covenants
- easements
- leases
- liens
- gaps in chain of title
- boundary disputes
- zoning violations
- AP
Transfer of mortgage w/o note
JDX split
some – note follows mortgagte
others – transfer void
Transfer of note w/o mortgage
mortgage follows notes
Effect of a deed to a nonexistent grantee
Void, interest reverts to grantor
Insurance Title Policy
Protects named persons (named on policy) from undisclosed title defects
Named protection extends to the person’s heirs/devisees
Named protection does NOT extend to people not named on the policy
Duration: in effect while property owned or until conveyed via warranty deed
Profit
nonpossessory right to enter land and remove specific natural resources
generally created like easements
