Real Property Flashcards
Purchase-money mortgage
often used by buyers who don’t have enough money for a traditional down-payment/ can’t get a big enough bank mortgage
PMM funds must be used to purchase the property and go to either the seller or the third-party lender
*seller PMM has priority
*third-parties are determined chronologically
What are the 3 types of waste that tenants/ life tenants must avoid?
(1) Voluntary waste
- affirmative
- substantial change
(2) Permissive waste
- deterioration through neglect
-failure to preserve
-failure to reasonably protect
(3) Ameliorative waste
- voluntary waste that does not diminish the value of the property
- un-permissive improvements
4 Exceptions to the SOF requirement
(1) partial performance
(2) full performance
(3) detrimental reliance
(4) admission
life estate pur autre vie
life estate measured by the life of a third party
What is required to create an easement by necessity
(1) dominant and servient estate must have been under common ownership in the past
(2) the necessity arose when the property was severed - rendered the dominant property virtually useless without the benefit of an easement across the servient estate
2 remedies for a holdover tenant
(1) eviction
(2) bind the holdover tenant to a new periodic tenancy
Right of reentry comes after
A fee simple subject to a condition subsequent
In most states there is a presumption that a conveyance to 2 or more people creates
Tenancy in common (requires only the unity of possession)
How to effectively transfer real property via deed
must be delivered during the grantor’s lifetime - no delivery if the grantor retains a right to recover the deed
Can one tortfeasor be liable for the acts of another when there is a common plan?
if multiple tortfeasors act pursuant to a common plan or design and at least one of them causes harm to a plaintiff, all of the tortfeasors are jointly and severally liable for the harm
