Real Property Flashcards
TIC - consent
Sell, lease, or devise share
Possess whole
NO BINDING OTHER Ts
Wills prevails
Adverse possession
Exclusive, Continuous, Hostile, Open
➡️ TIC & AP can convey rights/heirs
Through tenants
Recording Act (NOTICE)
Race - “FIRST recorded”
Race-notice - “w/o notice first recorded” - FIRST BPF
Notice - “subsequent purchaser FOR VALUE w/o notice who recorded”
SUBSEQUENT BPF
NO GIFTS, CREDITORS
Free of trusts if BPF
Distribution of Foreclosure
PMM ➡️ Junior liens ➡️ debtor
Foreclose on WHOLE
RAP
Contingent remainder
Class
3rd party
Right of first refusal
Option
NOT FSD/FSCS
Merger
Merge into deed (I.e., marketable title)
Lien Priority
PMM 💰
FIRST RECORDED 🖊️
ALL OTHER RECORDED
UNRECORDED
Sublease v Assignment
Subject v Assume
Sublease/Subject (no liability)
Assignment/assumed (tenant/assignee liable unless novation)
Law of suretyship = allows reimbursement
Tenants by the entirety
Married JT, cannot sever w/o consent
Easements
Prescription (CHO), express (writing), implication (prior use), necessity (need)
EX: agreement, time, merger (no future interests & can be un-merged), abandoned (no intent to return)
Shelter Rule
Protected by previous (BP)/BPF’s interest superior
“Cuts off rights”
Equitable Servitude (witch pan)
Writing, intent, run w/land, touch/concerns, privity (h/v) (person Can enforce), NOTICE 👀 (in deed)
Implied by common scheme (restrictions against EVERYONE + notice)
Change (Total change)
License (revocable 🎟️)
Profit (dig/take off)
Terminate: same as easements + total change
Vested v Contingent
Vested = auto (b/c no condition & identifiable person) *to Bongo
Contingent = subject to condition or unknown person *to Bongo, but only or to my heirs
REC
Essential Terms
Parties, price, property description, signed (SoF)
No writing = PIP
Marketable Title
No easements/covenants
No mortgages/liens
No zoning violations
No FSD/FSCS
= risk of litigation
Only buyer can assert
IMPLIED BUYER CAN REMEDY
Defeasible - FSD & FSCS
FSD = durational (“so long as” “during” “until”) + possible of reverter (auto)
FSCS = conditional (“but if” “unless” “provided that”) + right of revert (claim)
Fee simple
“Bongo & my heirs” = Bongo forever
(Heirs mean nothing)
(For purpose = nothing)
(💀 death of grantor does not affect)
Trade Fixtures
Remove but pay/restore
Intent/Benefit
Doctrine of Equitable Conversion
OWNERSHIP & RISK OF LOSS
Buyer gets equitable interest not legal title
Risk of loss shifts to buyer
Seller has Legal title
Life estate
FOR THEIR LIFE
(Doesn’t matter if grantor 💀)
Title insurance policy
Owner - protects NAMED & HEIRS during & after
Lender - ends once paid in full
Deliver deed
Present intent
Foreclosure - transfer
Recipient can loose right if BPF has no notice/record
JT
Right of survivorship prevails over will
Ademption
If testator does not OWN or SPECIFICALLY devise ➡️ devise FAILS ❌
Duty to disclose
Must disclose known defects
Ex: “as is”
Restraint on alienation
Void & removed from devise
Surcharge Easement
Beyond scope + unreasonable
Variance
Suffer Hardship from Zoning
Ex: non-confirming use/prior use