Property Flashcards
At common law, if a will beneficiary died before the testator what happens
If no anti lapse statute: The gift to the beneficiary is void
If there is an anti lapse statute: the gift is saved for the predeceasing beneficiary’s descendants IF the beneficiary was a descendant of testator
When property subject to a contract for sale is destroyed before the date of closing
If there is no fault of either party, the risk of loss is on the buyer
Seller can sue for specific performance on the entire contract price to enforce the sale
• Unless, a statute or term in the contract says otherwise
Requirements for an enforceable land sale contract
• must be in writing
• writing must include essential terms: 1) description of the property, 2) identification of the parties, 3) price, and 4) signature of party charged
Distribution of proceeds- priority at a foreclosure
Short answer:
1) foreclosing party, 2) junior liens, 3) remainder to person who took the mortgage (mortgagor)
Long answer:
When an interest is foreclosed, after the expenses and fees are paid, the proceeds of sale are
- first used to pay the principal, and accrued interest in the loan that was foreclosed
- next, pay off junior loans
- last remaining proceeds are distributed to mortgagor
Landlords option with hold over tenant
When a tenant continues in possession after her lease has terminated, the landlord can:
Option 1) treat the hold over tenant as a trespasser and evict her under unlawful detainer statute, OR
Option 2) he may bind tenant to a new periodic tenancy with the same terms as expired tenancy
• unless a residential lease- goes month to month
• commercial lease that was for 1 yr or more gets renewed as such
Rent under option 2:
• stays same amount unless tenant was notified of rent increase prior to the end of the original term
Are vested remainders inheritable
Yes
Recording an agreement protects enforcement of its covenants because
It acts as constructive notice
A covenant will run with the land and be enforced against subsequent grantees if
1) covenant touches and concerns the land/property
2) a writing gave privity of estate between the original promisor and promised
3) contracting parties intended it to run
4) the burdened party has notice of the covenant
If common driveway owners agree to be mutually responsible for maintaining the driveway
The burden and benefit of these covenants will run to successive owners of each parcel
Identify: “covenant: purchaser shall have a privilege to hunt and fish on all lands owned by seller”
This is a profit
Profit
A non possessory interest in land, allowing the grantee to enter on the land and remove resources of the land
Can be terminated by abandonment or misuse
Implied easement
Created by operation of law
Implied if prior to the time the property is divided, a use exists on the “servient part” that is reasonably necessary for the enjoyment of the dominant part.
Creation of: Right of way by necessity
When the owner of a tract of land sells part of it
When he divides and sells he deprived one of the lots access to a public road
Right of way by absolute necessity is created by implied grant or reservation over the lot that has access to the road
(Even if never said!!!)
When does a deed effectively transfer an interest
When delivered. Requires:
- grantor to relinquish absolute and unconditional control
