Property - Ownership Flashcards
Fee simple absolute
100% ownership forever
Life estate means you have the right and control of the land for
life
Can you mortgage a property in a LE
yes
Can you convey the property to someone else
yes but the measuring life is yours
What type of right did the owner who gave away a LE have
reversion
What must the LE pay
interest and taxes but not the prinicipal
The words “then to” after a LE when it doenst go back to a grantor creates a
reminder
What r the two types of remainders
vested and contingent
Vested remainder results in a
automatic transfer
Contingent remainder you must wait for
an event to occur or the person is unascertainable
Vested remainder subject to open / partial divestment refers to a
class of people
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
O to A for your life then to C but if C has no children, then to D
Vested remainder subject to total divestment
Vested remainder subject to total divestment must have the words
then to
Vested remainder subject to total divestment
a person’s interest can be wiped out
What words create a FSD
so long as or as long as
What happens if you stop doing the condition in a FSD
possibility of reverter
Possibility of reverter
Automatically revert to grantor if condition is not met
Fee simple subject to condition subsequent words needed
but if
Fee simple subject to condition subsequent means if a
future event occurs, G has a a right of re-entry
right of reentry
G must act to get the land back
RAP
Interest must vest w/n 21 years of the life in being
If you think it is possible that the life in being will get it then
it doesnt violate rap
If you think there is no way the LIB gets it
violate RAP
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
No
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
no
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
