Property - Ownership Flashcards by Carla LaBass

Fee simple absolute

100% ownership forever

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Life estate means you have the right and control of the land for

life

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Can you mortgage a property in a LE

yes

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Can you convey the property to someone else

yes but the measuring life is yours

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What type of right did the owner who gave away a LE have

reversion

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What must the LE pay

interest and taxes but not the prinicipal

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The words “then to” after a LE when it doenst go back to a grantor creates a

reminder

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What r the two types of remainders

vested and contingent

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Vested remainder results in a

automatic transfer

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Contingent remainder you must wait for

an event to occur or the person is unascertainable

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Vested remainder subject to open / partial divestment refers to a

class of people

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Name this interest:

O conveys to me for life then to Bob’s kids. Bob has one child at this point in time

Vested remainder subject to open / partial divestment

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O to A for your life then to C but if C has no children, then to D

Vested remainder subject to total divestment

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Vested remainder subject to total divestment must have the words

then to

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Vested remainder subject to total divestment

a person’s interest can be wiped out

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What words create a FSD

so long as or as long as

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What happens if you stop doing the condition in a FSD

possibility of reverter

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Possibility of reverter

Automatically revert to grantor if condition is not met

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Fee simple subject to condition subsequent words needed

but if

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Fee simple subject to condition subsequent means if a

future event occurs, G has a a right of re-entry

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right of reentry

G must act to get the land back

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RAP

Interest must vest w/n 21 years of the life in being

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If you think it is possible that the life in being will get it then

it doesnt violate rap

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If you think there is no way the LIB gets it

violate RAP

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I convey GA to you + a FSD or FSSCB and instead if it goes to someone else instead of O when does it violate RAP

if they are asking about he last perosn in the chain

Joint tenancy unlike a TIC has

right of surviorship

how to term a JT

conveyance

Do you have to tell the other person or give notice to them about conveying away your interest

TIC has no

right of survivorship and interest will pass by will

what is a tenancy of the entirety

a JT + Marriage

Can you convey a TIE w/o consent

When is a TIE severed

divorce

Does each tenant have the right to the whole property

yes unless ouster occurs

What is partition

when the court divides the property in 2 unless it is unpractical

A co-tenant may seek contribution of the other co-tenant for taxes and mortgages that was paid by one cotenant unless

one co tenant is the Sole possessor: only recover amt that exceeds Market value of the land

When can a co-tenant receive contribution for ren

Out of possession a Co-tenants (ie dont live on the property) may share in rent and profits with the other co-tenants

Can you demand a tenant in possession to pay rent

no unless they are damaging property

When can a co-tenant seek contribution for repairs

when they are necessary and requested and the other tenant refused

When can a co-tenant seek contribution for improvements

increases the rents and profits

Period tenancy formula

(Start date)- (A period of time) EX: January 1st for year to year or month or month

Period tenancy renews

unless a term date

is there notice required in a periodic tenancy

yes

Tenancy for years formula

(Start date)- (An end date) EX:January 1st - December 31st

Tenancy for years does not need

notice

Tenancy at will is terminable

at will

How much notice do you need to give in a tenancy at will

reasonable amount

A tenancy at sufferance is a

holdover tenant that is bound by the orginal terms of the lease

How do you terminate a tenancy at suffereance

tenant is leaving or eviction if they dont pay their rent or commit waste

Landlord duties

Actual possession on the first day of the lease term Duty for basic repairs Warranty of habitability Warranty of quiet enjoyment

Warranty of habitability means

you do not violate the health or safety codes or the issue is so oppresive that the T could not live on the land

If you breach the warranty of habitability T can

refuse to pay rent

Warranty of habitability is

stopping other T's or neighbors from annoying you but T has to give notice

Warranty of quiet enjoyment standard is judged by

Have to be so inconvenient/significant that no one would be able to live on the property

Tenants duties

pay rent or commit waste

How can a T get out of paying rent

warranty of habitability breached If the property is destroyed → you can get out of paying rent (Modern trend; Common law does not have this )

For the T's duty to not commit waste you also are not allowed for the property to be destroyed and thus T must give L

notice unless they are ordinary repairs like turning a screw

Assignment is when you do what and who is primarily liable

Assign the rest of the lease term New tenant primarily liable Original T secondary liable unless novation

Sublease is when you do what and who is primarily liable

Give away a portion of the lease Original tenant liable unless novation

Covenant against assignment or sublease are

strictly construed: IE lease says there is no assignment → no assignment, but can have sublease IE lease says there is no sublease → no sublease, but can have assignment IE: Lease says no sublease or asisgnement → none of them

Fair house act

Prohibits discrimination in sale /rental/ financing of a property Race, color, religion, sex, disability, family status (including have kids under 18), pregnancy