Real Property Flashcards
What type of recording statute does Florida follow?
Florida has a notice statute. Under the notice statute, the last BFP wins.
BFP = Pays value (purchaser, mortgagee, judgment creditor), takes in good faith, takes without notice of earlier conveyance/mortgage.
Florida adverse possession requirements
To acquire title by adverse possession, the party’s possession of land must be:
- (1) open, visible, and notorious;
- (2) actual;
- (3) exclusive;
- (4) hostile and under a claim of right or title;
- (5) continuous for the statutory period of 7 years (or 20 years for a prescriptive easement).
In addition, the possessor must also:
- (1) pay property taxes within one year of possession; and
- (2) file a formal document with local appraiser’s office stating name and address, date they took possession, and a legal description of property, which must be notarized.
Florida right of redemption (equitable and statutory)
At any time after default but before foreclosure, the mortgagor has the right to redeem the property by paying the debt due. (Equitable Right of Redemption).
In Florida, a statutory right of redemption exists from the moment of the foreclosure sale to the moment the sale is finalized. This period generally does not exceed ten days.
The right to redeem may not be waived (“clogged”) at the time the mortgage is created.
Landlord’s remedies against holdover tenant in Florida
Holding over without the written consent of the landlord results in the creation of a tenancy at sufferance. In Florida, collection of double rent for the holdover period is permitted.
Florida rule for landlord’s duty to deliver possession & tenant’s remedies
Florida recognizes a landlord’s duty to deliver possession of the premises and if the landlord fails to deliver possession, the tenant may maintain an action for breach of implied or express covenant. The tenant will not be liable for rent during the period of the lease that they did not have physical possession.
Florida implied warranty of habitability
In Florida, a landlord has a duty to reasonably inspect the premises for habitability and to maintain residential premises. The tenant has no duty to make repairs. Under a residential lease, the landlord must comply with housing and health codes. Where there are no applicable codes, the landlord is liable to maintain roofs, windows, doors, screens, floors, steps, porches, exterior walls, foundations, and all other structural components.
If the landlord fails to do so, the tenant must give written notice specifying the noncompliance. If the landlord fails to comply within seven days after delivery of notice, the tenant may move out and terminate or reduce rent to an amount equal to fair rental value in view of the defects.
Florida security deposit rules
In Florida, upon the tenant vacating the premises after termination of the lease, the landlord has 15 days to return the tenant’s security deposit if they do not intend to impose a claim on it. If the landlord intends to impose a claim, they have 30 days to notify the tenant in writing. The tenant then has 15 days to object. If there is no objection, the landlord must deduct the amount of the claim and remit the balance of the deposit to the tenant within 30 days of the landlord’s initial notice to impose a claim.
Except when otherwise provided in the lease, a tenant must give at least 7 days’ written notice to the landlord prior to abandoning or vacating the premises before the expiration of the term specified in the lease. Failure of the tenant to do so relieves the landlord of their notice obligations regarding the security deposit, but does not waive any right the tenant may have to all or part of the deposit.
Landlord’s options when tenant surrenders premises in Florida
In Florida, when a residential tenant abandons or surrenders leased premises, the landlord may stand by and do nothing, holding the tenant liable for the rent as it comes due. If the landlord retakes possession of the unit, she may continue to hold the tenant liable for any difference between the rent the tenant owed and the rent actually received, but in that case, the landlord must make reasonable efforts to find a replacement tenant.
Florida land sale requirements
In Florida, the conveyance of real estate must be accompanied by a written deed signed in the presence of two subscribing witnesses. The deed must identify the parties to the transaction and sufficiently describe the property. The deed also must evidence the owner’s intent to transfer the property.
In the absence of a proper deed, the purchaser of real property may seek specific performance based on a valid land sale contract.
Florida doctrine of equitable conversion
Under the doctrine of equitable conversion, once a contract for the sale of land is signed and each party is entitled to specific performance, equity regards the buyer as the owner of the real property at issue. The seller’s interest, which consists of the right to the proceeds of the sale, is considered to be personal property. The bare legal title that remains in the seller is considered to be held in trust for the purchaser as security for the debt owed to the seller.
When the property is destroyed without fault of either party before the date set for closing, Florida follows the majority rule that, since the buyer is deemed the owner of the property, the risk of loss is on the buyer. Thus, the buyer must pay the contract price despite a loss due to fire or other casualty, unless the contract provides otherwise.
