Property Flashcards
Estate
Right to possess property
present estate: immediate right to possess property
future estate: confer a right, or potential right, to possess property in future
fee simple absolute
(1) indefinite duration, (2) indefeasible (can’t be cut off by another estate) (3) right to possess
fee simple determinable
AUTOMATICALLY end if condition specified in conveyance occurs
“Possibility of reverter”: interest the potential party holds who will gain control of the estate if the fee simple determinable condition occurs that automatically ends the conveyance
KEY WORDS: words of duration/time: “until”, “while”, “so long as”, “during”
fee simple subject to condition subsequent
DOESN’T end automatically if condition specified in conveyance occurs
“Right of entry”: grantor has option to enter land and retake property, but if they don’t, estate continues as before
KEY WORDS: conditional language: “but if”, “on condition that”, “unless”, “provided that”
fee simple subject to executory limitation
can be cut short by an executory interest
executory interest (1) depends on future condition, (2) may cut prior estate short before its natural end
“to X, but if Y joins military, to Y”
X has fee simple subject to executory limitation
Y has executory interest
life estate
holder possess property until they die
“remainder” interest by person who gets estate once life estate possessor dies
“vested remainder”: held by (1) living identifiable person and (2) no conditions
“contingent remainder” held by (a) unknown person or (b) subject to some future condition
life tenant duties: (1) reasonably avoid permissive waste (pay taxes), (2) voluntary waste (alter property negatively), (3) ameliorative waste (change character even if increase value)
Rule against perpetuities
Property interest void if there’s any possibility that it could VEST more than 21 years after the end of ALL relevant lives when the interest is created.
“vested remainder”: held by (1) living identifiable person and (2) no conditions
NOTE:
- A possibility of reverter vests immediately, and thus an owner conveying a property and retaining a possibility of reverter cannot violate RAP
-BUT:
- “Wait and see rule:” Preserves property interest that would otherwise violate RAP until it vests or until the 21 year period has run, whichever comes first (wait to see if the interest does vest up until the statute of limitation then it goes away)
- “doctrine of cy pres”: If an interest would violate RAP, court rewrites conveyance to comply with rule following grantor’s intent (ex life estate then to grantee’s child who first turns 25, rewritten to say life estate then to grantee’s child who first turns 21)
Concurrent ownership
2 or more people, called cotenants, own property together
tenancy in common: multiple tenants, don’t need to own equal shares, but each hold undivided possession/non-exclusion interest in property, each possessor can grant their share without permission
Joint tenancy with right of survivorship: multiple tenants, EACH hold equal shares, each hold undivided possession/non-exclusion interest in property, EACH has right of survivorship where they own entire property upon other tenant’s death, each can sell their share without consulting others
- (1) time, (2) title, (3) interest, (4) possession
- (interest vests same time)
- (ownership from same title)
- (equal shares interest in property)
- (possession right equally to entire property)
Severance: joint tenant interest drops out and is no longer subject to survivorship
- other joint tenants remain in joint tenancy, but previous joint tenant interest is now tenant in common (most commonly when someone sells their share in joint tenancy)
Partition: court divides up property among tenants based on their interests (in kind = physically divide) (by sale = monetarily divide)
Easement
property interest that gives right to use someone else’s land for a specific purpose
“dominant tenement”: property benefitted by easement
“servient tenement” property burdened by easement
Transfer: Runs with land and binding on all successive owners who take with notice of the easement
Easement formation
Express grant: writing
Express reservation: grantor conveys land and retains easement
Prescriptive easement: easement acquired by adverse possession
Existing prior use: (1) 1 parcel split into 2 from common ownership, (2) at time, (3) apparent continual use of one parcel for benefit of another that may be expected to continue after severance, (4) easement important or necessary to benefited parcel
Easement by necessity: easement absolutely required for use of dominant tenement
ERPPN
Easement termination
(a) easement’s express terms, (b) formal release, (c) abandonment by words/actions demonstrate intent to give up (d) merger (person owns both dominant and servient tenements) (e) gov eminent domain
Restrictive covenant
agreement to use or limit use of one parcel for the benefit of another
Enforceable against successors if: (1) in writing, (2) intended to run with land, (3) covenant touches/concerns land, (4) servient tenement owner had notice at time of purchase
WITN
Licenses
permission to use land for specified purpose
NOTES:
- not interest in land itself
- can be revoked at any time (UNLESS licensee expended money, property, or labor)
- doesn’t have to be in writing
- doesn’t run with land
Adverse Possession
CHOSE: (1) continuous, (2) hostile, (3) open and notorious, (4) statutory period, (5) exclusive
“tacking”: previous adverse possessor’s time is “tacked” onto the new adverse possessor’s time towards statute of limitations IF PRIVITY (new possessor acquired possession by voluntary transfer)
Mortgage
Lien on real property that secures a debt
Mortgagor: borrower
Mortgagee: lender
(majority) Lien theory: Mortgage gives mortgagee security interest in property, no change in title
Title theory: Mortgage gives mortgagee title to property until debt paid
