Real Property Flashcards
restraints on alienation
i. Disabling restraints, under which any attempted transfer is ineffective (unlawful);
ii. Forfeiture restraints, under which an attempted transfer results in a forfeiture of the interest; and
iii. Promissory restrains, under which an attempted transfer breaches a covenant
Real Estate K
requires seller to convey marketable (merchantable) title
Marketable Title
Free from reasonable doubt as to both matters of the law & fact
Quitclaim Deeds
Transfer whatever title the grantor has to the grantee even if it is unmarketable. But have to specifically contract for this kind of conveyance
Encumbrances
can also make a title unmarketable
i. mortgages
ii. liens
iii. easements
iv. use restrictions
v. encroachments or
vi. lane-use & zoning violations
doctrine of merger
most obligations imposed by K of sale are discharged unless repeated in the deed
Property deed
formal legal document that transfers one person or entity’s rights of ownership to another individual or entity
Official “proof of transfer” for real estate, which can include land on its own or land that has a house or other building on it.
Following info needed:
- An indication that it is a deed
- A description of the property involved
- The signature of the individual or entity that it is transferring the property
- Data regarding who is taking title to the property
May contain conditions or assurances that go along with transfer
Delivering a deed
Taking some action intended to make the deed effective presently. What the action is doesn’t matter, but one obvious action is for the grantor to hand the deed to the grantee. Physically handing the deed to the grantee commonly creates a presumption of a delivery, whereas retaining possession may create a presumption of non-delivery.
Real Estate K
require the seller to convey a marketable (merchantable) title.
If K silent as to kind of title is to be conveyed, the obligation to convey a marketable title will be implied in the K.
Marketable title
title free from reasonable doubt as to both matters of the law & fact, & a reasonable purchaser would be willing to accept it readily
Quitclaim deeds
transfer whatever title the grantor has to the grantee even if that title is unmarketable
Doctrine of Merger
most obligations imposed by the K of sale are discharged unless they are repeated in the deed
After the closing the deed typically replaces the real estate K as the embodiment of the parties relationship
One can no longer sue on title matters contained in the K of sale after the deed is delivered & accepted. Remedy would be based on the deed he received not on the K of sale
Fixture
chattel that has been so affixed to land that it has ceased being personal property and became part of the realty
Identification of the chattel is still possible, but removal would be cause considerable loss or destruction, the items are considered fixtures (like heating pipes in a house)
Common Ownership
Refers to when a person owns both the land & fixtures affixed to it
Divided ownership
occurs when a landlord owns the property, but someone else affixes the chattel to the land
Question is whether the ownership of the chattel has passed to the landowner
In both types of ownership cases, where the items become incorporated into the realty so fully that they lose their identity they become part of the realty
Common ownership/Divided ownership
Accession
term used to describe the intent of the annexor to make the chattels a permanent part of the real estate
Doctrine of accession
applies only in situations in which one person annexes (attaches) chattels to real property owned by another under which circumstances that the law will not permit the chattel’s removal.
trade fixture
fixture installed by a tenant in a trade or business at the end of the lease term the tenant may typically remove any trade fixtures that have been installed, provided that the substantial damage will not occur as a result of the removal
Novation
Agreement that serves to substitute a new party for an original party to the K. Completely releases the substituted party but requires the assent of all parties.
Novation
Agreement that serves to substitute a new party for an original party to the K. Completely releases the substituted party but requires the assent of all parties.
Accord & Satisfaction
substitute K between the original contracting parties
Covenant
written promise to do something on the land or a promise not to do something on a land
Can be inserted into property deeds binding any subsequent purchaser It can control actions & crate affirmative duties such as paying annual dues to support something
And if it is a part of a property deed w/ a common scheme any member is entitled to enforce the covenant
Easement
Runs with the land and binds future owners of that land. Cannot generally be used to require the burdened party to perform affirmative acts (paying dues).
In addition an easement allows access to the land of the owner by the holder of the easement. The creation/operation of a golf course would not be necessarily touch & concern the land.
Mortgage
financial agreement and will not run with the land once it is satisfied
Fair Housing Act
Closings
a closing may be conducted by a real estate agent, a broker or an officer of a title insurance company instead of an attorney
Warranty deed
type of deed where seller guarantees that they hold clear title to a piece of real estate and has a right to sell it to the buyer
quitclaim deed
seller does not guarantee that they hold title to a piece of real estate
