Property Flashcards
Rule Against Perpetuities
No interest in land is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest
What RAP applies to
(i) contingent remainders; (ii) executory interests; (iii) class gifts (EVEN if vested remainders); (iv) options and rights of first refusal; and (v) powers of appointment
Notice Statutes
later BFP wins if earlier grant was not recorded
Race-notice Statutes
later BFP wins only if she records before the earlier grantee records
Race Statutes
first to record wins - actual notice is irrelevant
CL Requirements for Joint Tenancy
“joint tenants must take identical interests, at the same time, by the same instrument, with the same right to possession”
T: at the same time
T: by the same title [meaning in the same deed, will, or other document of title];
I: with identical, equal interests; and
P: with rights to possess the whole
Lawful Execution of a Deed
a writing signed by the grantor; an unambiguous description of the land; identification of the parties by name or description; words of intent to transfer such as “grant” [no consideration needs to pass to make a deed valid]
Covenant of Further Assurances
in a warranty deed, it is a covenant to perform whatever acts are reasonably necessary to perfect the title conveyed if it turns out to be imperfect