Real Property Flashcards
How is a joint tenancy created? What survivorship rights exist with a joint tenancy?
Must have the 4 Unities (Time, Title, Interest, Posession - TTIP) plus exress language needs to be used.
Joint tenants have a right of survivorship
How is a tenancy in common created? What are the survivorship rights?
TIC created when the parties have a right to possess the whole. No survivorship rights.
How is Tenancy By the Entirety created?
Similar to joint tenancy but the parties must be married.
How is a joint tenancy destroyed?
Can be partitioned, gifted, signing a contract of sale, actual judicial sale by creditor, or granting mortgage (in title theory state)
Types of present estates
Fee Simple, Defeasible Fees, Life Estates
Fee Simple - conveyance, restrictions
“To A” or “To A and his heirs”; no restrictions on transfer. Freely aienable, devisable and descendible.
What are the three types of defeasible fees?
Fee Simple Determinable, Fee Subject to Condition Subsequent, Fee Simple Subject to Executory Interest
Fee Simple Determinable - signal language and rules; characterization of future interest
Limited by determinable language such as “so long as”, “while” or “uring. Terminates upon happening of stated event. If grantor retains future interest: possibility of reverter. If future interest is with third party: executory interest.
Fee Simple Subject to Condition Subsequent - signal language, rules, charaterization of future interest
Present fee simple limited by specific conditional language “upon condition that” or “provided that” or “but if”. Terminates ONLy if grantor affirmatively demonstrates intent to terminate
Future interest: grantor reserves the right to terminate the estate upon happening of a stated event; grantor must retain right to reenter.
Fee simple subject to executory interest FSSEI
Present Fee simple that is limited by specific conditional language. AUTOMATICALLY TERMINATES upon happening of stated event and title passes to third party. Future interest: executory interst held by the third party.
Life estate
Interest that exists for the duration of a measuring life.
Rule regarding waste in a life estate
LT holder must deliver property to future interest holder in substantially same condition as when LT took possession.
Types of waste
Permissive - occurs when LT allows premises to deteriorate through neglect, failure to protect property); LT must make reasonable repairs.
Voluntary waste - condition of property substantially changed due to LT’s affirmative action. NOT PERMITTED if it decreases the property value. If no decrease in property value, it’s ca ameliorative waste and ok unless future interest holders have reasonable objection.
Types of Future Interest
Reversion, Possibility of Remainder, right of reentry, remainder, executory interests
Reversion - who holds it? Restrictions?
Held by grantor who transfers life estate or estate for yars w/o conveyance remaining FI to third party. Alienable, devisable, descendible
Posibility of Reverter
FI retained by grantor when FSD conveyed. Alienable, devisable, descendible
Right of reentry
FI retained by grantor after Fee simple subject to condition subsequent granted. Also called right to terminate.
Remainder
FI that b ecomes possessory upon expiration of prior estate
Vested remainder
Remainder that is not subject to any conditions precedent; ascertainable grantee.
Types of vested remainders
Vested remainder subject to open, subject to complete divestment
Contingent remainder
Created in unascertainable grantee or subject to express condition precedent to grantee’s taking
Requirements for Adverse Possession
Actual Possession, Open and Notorious, Hostile, Continuous, Exclusive (including ouster of cotenant), Statutory period E-CHOPS (Continuous, Hostile, Open, Exclusive Statutory period)
Issue Checklist: Has the property been acquired?
Adverse Possession, Land Sales Contracts, Mortgages, Deeds, Wills, Recordin Acts
Issue Checklist: Who has an interest in the land
Estates in Land (Freehold estates, future intersts) Joint ownership (concurrent estates) (joint tenancy, tenancy in common, tenancies by the entirety) ; Landlord tenant (types of tenancies, rent disputes, condition of premises, waste, fixtures, assignment/sublease)
Issue Chiecklist: Limits on Land Use
Easements, real covenants, equitable servitudes, zoning
Requirements for land sale contract
Contract Law Requirement: Statute of Frauds. Writing, parties identified, land identified, signed by ONE to be bound, description of land, statement of consideration. Part Performance: Possession, improvement, payment (2/3)
Does adverse possession create marketable title?
No, but title can be perfected by judicial notice to quiet title
Contracts governing conveyance of interest in real estate
Contract governs until time of closing, then deed becomes operative document.
Marketable Title
Implied promise in every land sale that seller conveys marketable title at time of closing. Marketable title is free of reasonable doubt about seller’s aility to convey.
What is the doctrine of equitable conversion?
Once land contract is signed, buyer is deemed owner even in absence of recording.
What happens if property is destroyed after contract is signed, through no fault of the party?
Buyer bears risk of loss
Remedies for breach of land sale contract
Damages (FMV-K) or Specific Performace (Valid K, K conditions on plaintiff satisfied, inadequate legal remedy, mutuality of performance, feasibility of enforcement, no defenses)
3 types of security interests in land
Mortgage, Deed of Trust, Installment Contract