property Flashcards
in gross easement
personal to the holder and us often used for utility, environment or recreational purposes (give to a specific person)
involves one property; the servient parcel which the property giving access, and personal right which is given the non-owner individual or entity needing access
appurtenant easement (sold with the property)
refers to rights or restrictions attached to two properties, a dominant estate and a servient estate.
• dominant estate benefits from the easement while the servient estate is burdened by it
affirmative easements
authorize use of another’s property
right to cross your neighbors property
negative easements
restrict what you can do with your property
• conservation easement; reduces your right to develop property
three elements of completed gift
intent
• donor must intend to make an immediate transfer of ownership (orally or in writing)
delivery
• property must be transferred to the donee
actual delivery
• physical transfer of gift
constructive delivery
• donee is given access to the gift, such as being provided the only key to open a locked box with the gift inside
symbolic delivery
• transfer an item that represents or symbolizes the gift such as a photo
acceptance
• the donee must accept the gift
• presumed unless there are facts to contrary
tenants in common
• creation: default ownership structure
• each tenant in common owns a specific share or percentage of the property
• individual shares determined by contribution (depending on how much you put in)
transfer of share by unilateral choice of owner for death & lifetime transfer
• upon death of co-owner, the deceased co-owners interest will pass to his or her heirs
• each tenant in common of real property may use benefit and possess the entire property subject only to the equal rights of co-tenants
joint tenancy with right of survivorship
each owner has an equal divided interest in property
• creation: intention must be declared and opt out of default
four unities of time, title, interest and possession
• unity of time: all owners interest must have vested at same time
• unity of title: all owners interest must be acquired from the same deed
• unity of interest: all owners have equal interest in the property
• unity of possession: all owners have equal and concurrent rights to possess the property
tenancy by the entireties
only applies to married couples (defaults to this)
• recognized in 20 states
• co-possess whole
• survivorship
• cannot transfer w/o mutual consent
• creditors of just one spouse cannot reach
• if one dies, husband gets the interest in the property
• divorce, goes back to (tenant in common)
equitable distribution/dual classification
martial property
• all property acquired after the date of marriage until the end of the relationship is divisible based on what is equitable in light of non-exhaustive list of factors
• length of marriage, each spouse contributions, age, health, earning potential, and future employability
separate property
• property acquired before marriage, by gift, or by inheritance to one spouse (traced to a non-marital source)
• this type of property is not subject to divison at divorce
community property
spouse own all assets and debts acquired during the marriage equally, typically 50/50.
• this is because the law mandates an equal split regardless of contributions or circumstances
• pre-nup would override the 50/50 rule
fee simple absolute
creation language
- in fee
- fee simple
future interest of declarer
- none
life estate
creation language
- for life
future interest of declarer
- reversion
fee tail
creation language
- to heirs of the body
future interest of declarer
- reversion
fee simple determinable
creation language
- so long as
- while
- until
future interest of declarer
- possibility of reversion
fee simple subject to a condition subsequent
creation language
- but if
- provided that
- on the condition that
future interest of declarer
- right of entry
fee simple subject to an executors interest (third party)
creation language
- but if
- provided that
- automatically goes to someone other than grantor
