Property Flashcards
Exclusion
Exercising the authority to keep others off the property
The exerciser must be the only one to claim ownership at that time, he may give to another, and adverse possession will continue so long as there is privity (tacking on)
Open and notorious
Possession that puts a reasonably diligent owner on notice that a claim is being made. Actual knowledge that the property belongs to someone else is not required
Hostile
Non permissive possession that is contrary to the owners interest as an owner. Making the kind of decision that an owner would make
Continuous
Unbroken possession that is suited to the character of the property throughout the statutory period of time (All elements of adverse possession must be continuous)
Tacking
A follow up trespasser. The rights that are attended to first trespasser are transferred to second
Discovery rule for adverse possession of personal property
A cause of action will not accrue until the injured party discovers or by exercise of reasonable diligence and intelligence should have discovered facts which form the basis of a cause of action
Is every property unique?
Yes, as a matter of law every property is unique. Because real property doesn’t move that is a unique defining characteristic
Gift
A voluntary transfer of ownership that is intentional, delivered and accepted
Elements of a gift
Intent- intention to make a present transfer
Delivery- actual delivery supported by intent
Acceptance- must be accepted with the intent to take
Present covenants
seisin- the grantor warrants that he owns the estate that he purports to convey
Right to convey- the grantor warrants he has the right to convey
against encumbrances- there are no encumbrances on the property
When does the statute of limitations begin to run in present covenants?
At the date of delivery of the deed
Future covenants
General warranty- grantor warrants he will defend against lawful claims and will compensate the grantee for any loss that the grantee may sustain by assertion of superior title
Quiet enjoyment- grantee will not be disturbed in possession and enjoyment of the property by assertion of superior title
Further assurances- grantor promises he will execute any other documents required to perfect the title conveyed
When does the statute of limitations begin to run on future covenants?
At the time of eviction or when the covenant is broken in the future
Requirement of real estate brokers
Required to exercise fidelity and good faith and cannot put himself in a position antagonistic to his principal’s interest by fraudulent conduct, acting adversely to his client’s interest or by failing to communicate info possessed or acquired which is or could be material to the broker’s principal’s advantage
Marketable title
A marketable title is one which is free from reasonable doubt and title is doubtful and unmarketable if it exposes the party holding it to litigation
If the seller cannot produce marketable title then what?
He is entitled to a reasonable amount of time to cure the defect. Generally speaking this is until closing. At the moment there is a transfer of deed the sellers duties have been met and the purchaser cannot sue the seller for failure to produce marketable title
Estoppel
Applies when unconscionable injury would result from denying enforcement of the oral contract after one party has been induced by the other seriously to change his position in reliance on the contract
Estoppel rule statement
We can use estoppel to get out of the stature of frauds and enforce an oral agreement when there is 1) a promise of the type that is typically relied on and 2) detrimental reliance of that promise and 3) where equity has to intervene to prevent injustice
Part performance
Allows specific enforcement of an oral agreement when particular acts have been performed in reasonable reliance on the contact and the continuing assent against whom enforcement is sought, has so changed his position that injustice can be avoided only by specific enforcement
Part performance rule statement
We can get out of the statute of frauds if the sale of property was not in writing, when there is payment, possession or improvement that can only be explained by existence of an agreement
Actual possession
Commitment of the land to a particular use or type of possession by entry, enclosure, improvement or some other type of domination
