Property Flashcards
absolute ownership of potentially infinite duration
Freely alienable, deviseable, and descendable, no accompanying future interest
Defeasible Fees
potentially infinite duration, subject to termination by occurence of an event
alienable, deviseable, and descendable
Fee simple determinable (FSD)
limited by specific durational language
automatically terminates upon event
future interest: grantor retains possibility of reverter or third party has executory interest
Fee simple subject to condition subsquent (FSSCS)
present fee simple limited with specific conditional language
terminates only if grantor exercises right of reentry
Future interest: right of reentry
Fee simple subject to executory interest
limited by specific conditional lanugage
title automatically passes to third party
Future interest: executory interest held by third party
Life Estate
possessory estate fully transferable during measuring life
life tenant has right to possess, right to collect rents,
Duties of Life tenant
Life tenant cannot commit waste, or any future interest holder can bring suit
LT must pay property taxes to extent that that the life tenant receives a benefit from the land
preexisting mortgage and assessments are allocated between LT and future interest holders
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Waste
permissive: allows premises to deteriorate through neglect, must make reasonable repairs
Voluntary: affirmative action decreases value, never allowed
**Ameliorative **: affirmative action increases value, permitted if reasonable use of property unless future owners have objection
Reversion
held by grantor who transfers life estate or term of years without conveying future interests to a third party
not subject to RAP
alienable, devisable, descendable
Possibility of Reverter
future interest retained when a fee simple deterinable is granted, alienable devisable, descendable
Right of reentry
future interest retained by grantor after a fee simple subject to condition subsequent is granted
Remainder
future interest that becomes possessory upon natural expiration of a prior estate that is created in teh same conveyance in which the remainder is created
Vested remainder
not subject to any conditions precedent, ascertainable grantee
Vested remainder subject to open
if at least one class member is qualified to take possession at time of conveyance, each class member;s share is subject to partial diminution
rule of convenience: closes class when any member is entitled to possess
Vested remainder subject to complete divestment
the occurence of a condition subsequent will completly divest the remainder
Contingent remainder
remainder that has an unascertainable grantee or is subject to an express condition precedent
Executory Interest
future interest in a third party that cuts the prior estate short upon the occurence of a specifed condition.
shifting: transfers from one grantee to another
springing: transfers from grantor to grantee
Rule against perpetuities
Specific future interests are valid only if they must vest or fail by the end of a life in being plus 21 years
applies to contingent remainders, vested remianders subject to open, executory interests, or rights of first refusal unless commercial
does not apply to future interests that revert to the grantor or charity to charity transfers
Tenants In Common
two or more grantees with unityof possession
each tenant has unrestricted rights to possess the whole
Joint Tenancy with right of survivorship
two or more people with right of survivorship
4 unities:
unity of possession, unity of title, unity of time, and unity of interest
severance converts to a TIC
don’t need consent to sell
mortgage: severs a JT under title theory but not lien theory
Tenancy by the entirety
for married couples
same as JT but includes marriage
neither party can alienate or encumber property without consent of the other
Rights of cotenants
possession and use: equal right to possess all property, don’t ned to pay rent
Third party rent: right to pro rate share of net rent from third party (can deduct expenses)
necessary property expenses: equal obligation to pay taxes or mortgage, can get reimbursed
improvments and repairs: no right to reimbursement but can seek credit during partition
partition: partition in kind (physical partition) or partition by sale if not possible to physically divide
easements unilateral easement only enforceable against co-T who made it
Fair housing and discrimination
prohibits discrimination in sale, rental, financing, advertising of homes and other housing related transactoins
exemptions: owner occupied buildings with no more than 4 units and single samily homes sold without a broker (but still applies to advertising)
protected classes: race, color, religion, national origin, sex, disability, family status
racial discrimination: only need to show disparate racial impact, not intent
Tenancy for years
any fixed period of time
automatically terminates
if longer than one year, SOF applies and requires praties, premises, duration, rent
Periodic tenancy
repetitive, ongoing estate set by periods of time wth no predetermined termination date
automatically renews unelss valid termnation notice
SOF doesn’t apply unless initial term longer than one year
created by express agreement, implication, or operation of law (holdover tenant)
Notice: must be given before last period, or for yearly, 6 months before
Tenancy at will
does not have a specific term, continues as long as L and T want
created by express agreement or implicaton
may be terminated by either party, with no notice (at common law)
Tenancy at sufference (holdover tenant)
T wrongfully remains in possession after expiration of lease
T bound by terms of prior lease
Lasts until T vacates, is evicted, or L elects for a periodic tenancy
Tenant duties
pay rent
avoid waste
repair: for non residential leases
Landlord remedies
failure to pay rent: can sue for damages and evict/terminate lease
entitled to late rent but most jdx bar future rent (unless agreement otherwise)
Abandonment: if L accepts, the lease terminates and liability for future rent ends, if L rejects, T remains liable for rent but L has duty tomitigate damages
Duties of Landlord
Deliver possession: physical and legal
Repair
Warranty of habitability
Covenant of Quiet enjoyment
Warranty of Habitability
residential only
premises must be fit for basic human habitation
if breached, T must notify of defect and give reasonable time to repair, then T must remain in possession and can refuse to pay rent, repair themselves and deduct from rent, or remain in possession, pay rent, and seek damages
Covenant of Quiet Enjoyment
T has a righ tot queit use and enjoyment of premises without interference from L
L has duty to control other tenants
Breach may be evicton:
actual: if L excludes T, lease is termnted and T’s obligation ends
Partial: T excused from paying rent, but not excused if eviction is by adverse posessor and tresspasser
Constructive: substantial interference by L’s actions/inaction T must give notice, and T must vacate within reasonable time
Retaliatory: L may not evict T for complainting about housing code or breach of warranty of habitability
Tort liability
tenant: duty of care to invitees/licensee/foreseeable trespassors and dangerous conditions/activites:
landlord:
injuries in common areas, non common areas under L’s control, or hidden defect, modern trend is general duty of reasonable care
Assignment
complete transfer of T’s remainnd lease term, creates privity of estate with landlord and privity of contract with tenant
both tenant and assignee liable to landlord
Sublease
any transfer for less than entire remaining duration of lease
privity of contract and estate with landlord
sublessee not liable to landlord
Prohibitions on sublease and assignments
valid to prohibit assignments and subleases
L can only withdhold permission to grant assignment or sublease on reasonable grounds in relationship to the property being leased
SOF and exceptions
A land sale contract must be in writing and signed by the party it is to be enforced against.
Exceptions: full performance, detrimental reliance part performance (at least two of payment, possession, improvments)