Property Law Flashcards
1
Q
Equity of Redemption Rights
A
The Borrower’s right to pay off the unpaid amount in full including any accrued interest prior to the foreclosure sale.
2
Q
When is Delivery of a Deed effected?
A
When the grantor intends that the deed have some operative effect—i.e. that Title pass immediately and irrevocably even though right of possession may be postponed until some future time. Example: Signs the deed and tells the beneficiary.
3
Q
When does a chattel become a fixture in the case of a short-term lease?
A
In the event the renter leaves the fixture in the property after the lease expires.
4
Q
What is wrong with a first right of refusal clause?
A
Violates the Rule Against Perpetuities
