Property Flashcards
Joint Tenancy
A type of concurrent interest in estate with right of survivorship; created when 4 unities are present: time, title, interest, and possession
tenancy in common
default estate for multiple people holding interest
effect of joint tenancy obtaining mortgage in title theory jurisdiction
severs joint tenancy
effect of joint tenancy obtaining mortgage in lien theory jurisdiction
does not sever joint tenancy
leasing property as joint tenant
severs joint tenancy in most states
Co-tenant’s right to rent
from other co-tenant: none unless ousted or otherwise agreed upon
from 3rd party: fair share of rent received from third party
Co-tenant’s right to reimbursement
repairs: reimbursement for necessary repairs unless there was ouster
improvements: not entitled to reimbursement
lease
grants tenant present possessory interest in property for limited time
Tenancy for years
lasts for a fixed period, and automatically terminates at the end of the period
periodic tenancy
continues for equal periods; created through 1) express agreement 2) implied if if rent is paid at specific periods 3) by law if held over in some jurisdictions
tenancy at will
continues until either party terminates it with reasonable time and notice to vacate property
hold over doctrine
when a tenant remains on property past agreed time, landlord can evict or allow holdover; Commercial lease: term is equal to original tenancy period; residential lease: month to month tenancy is created
Implied warranty of habitability
landlord must provide a place to live that is habitable - only applies to residential leases not commercial leases
implied covenant of quiet enjoyment
prevents landlord from interfering with tenant’s enjoyment of property
Assignment of Lease
tenant transfers all of remaining interest to another
Liability after assignment
original tenant (privity of contract): liable for rent
new tenant (privity of estate): liable for rent and covenants that run with land
landlord: maintenance obligations runs with land
Sublease
tenant transfer some of remaining lease interest ; subleasee is not liable to landlord for rent but original tenant is
Types of Waste Life Estate Tenant must refrain from
Voluntary: Purposeful damage to property
Ameliorative: making improvements without permission
Permissive: damage to property due to neglect
Fee simple absolute
complete conveyance of property with no conditions
fee simple defeasible
three types: determinable; subject to condition subsequent; subject to executory interest
fee simple determinable
conveyance of property that limits use of property - conveyance of property is automatically terminated ; possibility of reverter
fee simple subject to a condition subsequent
conveyance is subject to grantor’s right of entry if a specific condition occurs ; not automatically terminated, grantor has to exercise right of entry
fee simple subject to executory interest
reserves a future interest to a third party if a condition occurs
indefeasible vested remainder
future interest created for an identified and ascertainable person; not divested or diminished by any condition
vested remainder subject to open
vested remainder to a class of person that may increase amount of holders; value to persons can be diminished by increase (ex. children)
vested remainder subject to total divestment
vested remainder but right to possession may be defeated by a condition subsequent
contingent remainder
the future interest is to a not-yet identified/ascertainable person, or requires an event to occur (condition precedent) for the future interest to be created
Shifting Executory Interest
cuts short the interest of one and transfers interest to another - no gap in between transfer, and is done by the same conyevance
Springing executory interest
an interest that follows a gap in transfer or cuts short the interest of the transferor
difference between executory interest and remainder
a remainder never follows a fee simple interest of any kind, remainder requires a life estate to precede it
application of rules against perpetuities
applies to contingent remainders, executory interests, and vested remainders subject to open.
Reversion
occurs when grantor transfer a shorter estate than he owns (grantor owns a fee simple and conveys a life estate)
Is it a covenant or equitable servitude
look to the remedy: money damages=covenant; equitable relief=equitable servitude
Real Covenant
a promise that burdens and benefits the original parties to the promise and their successors - money damages
Benefit of covenant
1) Writing 2) intent to bind successors 3) touch and concerns land 4) vertical privity (voluntary transfer from original to new)
burden of covenant
1) Writing 2) intent to bind successors 3) touch and concerns land 4) vertical privity (voluntary transfer from original to new) 5) horizontal privity (relationship between original parties ex. grantor/grantee; landlord/tenant) 6) notice (actual, constructive, inquiry)
Equitable Servitude
a promise that burdens and benefits the original parties to the promise and their successors - equitable relief aka prevent/stop
benefit of equitable servitude
1) writing 2) intent to bind successors 3) touch and concerns land
burden of equitable servitude
1) writing 2) intent to bind successors 3) touch and concerns land 4) notice
vertical privity
voluntary transfer between original party to new party
horizontal privity
relationship between original parties (grantor/grantee; landlord/tenant)
notice
actual notice: actually know
constructive notice: information is recorded
inquiry: due diligence would have informed
easement
non-possessory interest in the use of someone else’s land
easement by gross
relates to only one tract of land and benefits a specific person or owner and does not pass to subsequent owners unless it’s for commercial activity (utilities)
easement appurtenant
relates to two tracts of lands (servient and dominant) and easement always passes to dominant land, but only passes to servient with notice
servient tenement/servient land
land that is being burdened by the easement; requires subsequent owner have notice for easement to run (actual, constructive, inquiry)
dominant tenement/dominant land
land that benefits from the easement; always runs to subsequent owners regardless of notice
Types of Easement
(1) easement by grant (2) easement by implication (3) easement by prescription (4) easement by necessity (PING)
Easement by Grant
(1) writing signed by grantor (2) identifies parties and land (3) indicates intent to create easement - scope is to extent that writing allows
Easement by prescription
(1) Continuous use (2) open and notorious use (3) hostile use (4) satisfies statutory period - scope is to extent of use during statutory period
easement by implications
(1) land is divided by owner (2) owner established a pre-existing use (3) use was continuous and apparent indicating to others permanency (4) use is reasonable necessary for new owner to enjoy - scope is extent of prior use
easement by necessity
(1) land is divided by owner (2) easement is required for new owner to come in and out of land (landlocked) - scope of use is to remedy necessity
Terminating Easement
END CRAMP: estoppel, necessity is remedied, destruction of land (involuntary), condemnation of land, released through writing, merger of land (sold to servient/dominant tenement owner), prescription (adverse possession)
License
temporary permission to use land for specific purpose (different from easement by gross because it’s duration)
Profit
allows a person to obtain natural resources from the land of another
Nonconforming use of zoning ordinance
if the use was established before the zoning ordinance took effect, the use is allowed - no substantial changes can be made
variance to zoning ordinance
person must show (1) actual hardship due to zoning ordinance (not created by person) and (2) must not go against public policy
bonafide purchaser
(1) takes property without notice of prior conveyance (2) pays valuable consideration
shelter rule
allows a conveyance of any sort from a bonafide purchaser to another person to protect the other person
