Property Essay Flashcards
Essay
Equitable Servitude
Is a covenant that equity will enforce against the assignee of the burdened land who have notice of the covenant.
* there need not be privity to enforce the Burden on an equitable servitude.
Remedy:
* is injunctive relief
Enforce Burden:
- There must be:
1) Intent that restriction be enforced by successor
2) Touch and concern the land
3) Notice to subsequent purchaser
Easement for view
There is no general easement for view
Easement for Light
Easement for light are recognized but cannot be created by implication.
* there must be prior ownership + Notice
Essay
Doctrine of Equitable Conversion- Risk of Loss
Once a land sale contract is signed, the seller’s interest is considered personal property, and the buyers interest is considered real-estate.
* once the contract price is paid, buyer becomes both the legal and equitable owner of the property.
Common Law:
* the CL and Maj rules states that in the contract and close of escrow, the buyer bears the risk of loss in the lad is destroyed and thus cannot w/drawl from the agreement (only applies if seller is not at fault)
Uniform Vender and Purchase Risk (nevada):
- In contrast, Nevada applies the UVPRA which places the risk of loss on the seller unless the buyer has either legal title or possession of property at the time of the loss.
- however, even adoption of the act the purchaser and seller may still specify who has the risk of loss.
Remedies:
- where there is a material destruction of property, if the Seller has the risk of loss he has no remedy,
- the buyer may rescind the contract and receive back any consideration she may have paid
- the buyer, at her option may also get SP with abatement in purchase price.
Property
Restitution
Where equitable remedy, a court will act to prevent unjust enrichment.
* after a contract has been rescind, the court may require one party to return benefit received from the other party, if it would be unjust to allow the party to keep the benefit.
Essay
Profit
Is a non-possesory interest in land that allows for the natural resource to be withdrawn from the land for the benefit of the holder.
Marketability
Contingent Remainder
Marketability
* Every contract of sale of land contains an implied warranty requiring the seller to convey Marketable title.
Contingent Remainder
* it is impossible to convey marketable title when a holder of a future interest in the property is unborn or unascertainable.
Property Marketability
Remedies before Closing
1) Opportunity to Cure
2) Rescission
3) Restitution
Property: Remedies following closing
Special Warranty Deed
1) Grantor has not conveyed an interest in anyone else
2) That the grantor has not encumbered the estate.
Essay
License
Is a mere privilege to enter others land, and it does not need to Satisfy SOF.
- it is freely revokable unless estoppel applies where the license has invested substantial money in reliance upon the licensee continuation
- invalid easement creates a license
Essay
Joint Tenancy
To create a JT requires the presence for the four Unitites: Time, Title, Possession, and interest.
* Conveyance must indicate that it is a joint tenancy
Real Property
Termination of a Profit
Misuse of profit or over burdens
Remedies Before Closing
Opportunity to Cure
Upon learning that a seller purports to convey unmarketable title, the buyer must notify the seller and giver him reasonable time to cure the defect.
Race-Notice (Nevada)
Shelter Rule
Protects a transferee of BFP against any interest the BFP would have prevailed against even if the transferee had actual knowledge of prior unrecorded interest.
