Real Property Flashcards
Averse Possession Requirements?
- Actual possession
- Open and notorious
- Hostile (no consent)
- Continuous
- Statutory period (20 years+)
Land Sale Contract - Writing Requirements?
Statute of Frauds
1. Writing
2. Partied identified
3. Signed by one to be bound
4. Describes land
5. States Consideration
PIP Exception for SOF: (1) possession by buyer; (2) substantial improvements; (3) payment
Land Sale Contract - Marketable Title
Implied promise in all land sales that title is free from reasonable doubt.
Land Sale Contract - Equitible Conversion
Once contract signed, buyer deemed owner of real property; risk of loss imposed on buyer
Land Sale Contract - Remedy for Breach?
- Damages;
- Specific Performance if:
* Valid contract
* Conditions met
* Inadequate legal remedy
* Mutuality of performance
* Feasibility to enforce
* No defenses
Mortgage Requirements?
Writing (SOF)
1. Writing
2. Partied identified
3. Signed by one to be bound
4. Describes land
5. States Consideration
Mortgage - Foreclosure
- Must be judicial foreclosure
- Priority of loans paid: purchase money mortgage, fees, senior, junior, unsecured
- Deficiency
- Redemption sometimes allowed after by states
Deed Requirements?
- Parties
- In writing and signed by grantor
- Describe land
- Word of intent
- No consideration required
Three Types of Deeds?
- Quitclaim - convey whatever interest and no warranties
- Warranty - against all defects and six covenent to title
- Statutory Special Warranty Deed - when grantor promises (some states)
General Warranty Deed Six Covenants?
- Seisin - grantor owns what he says he owns
- Right to convey
- Free of encumberances
- Defend against lawful claims of title
- Quiet enjoyment - not disturbed in possession by lawful claim in title
- Further assurances - will do whatever reasonably necessary in future to perfect title
Deed Delievered When:
- Intent to make present transfer
- Acceptance
Merger Doctrine?
Contract merges into deed and deed controls.
Damages for Warranty Deed Breach?
- Title Issues = purchase price or costs to perfect (lesser of)
- Encumberances = difference in value
Warranty Deed Breach Defenses?
- Laches
- Unclean hands
- Waiver
Three Types of Recording Acts?
- Pure Race - First to file
- Pure Notice - BFP over grantee that did not record
- Race-Notice: BFP who records first over grantee who did not record or record second
Bona Fide Purchaser?
- Takes land for value
- No notice of prior interest
Three Types of Notice for Real Property?
- Actual
- Inquiry - should know
- Record (constructive)
Estoppel By Deed?
One who conveys what he does not have but later does have cannot deny conveyance.
Shelter Doctrine?
One who takes from BFP stands in shoes of BFP.
Fee Simple Absolute?
Conveys absolute ownership.
Fee Tail?
Property must remain in family (modernly gone)
Fee Simple Divisible?
Property conveyed subject to limitation.
Fee Simple Determinable?
- Automatically terminated upon occurrance (so long as, while, unless)
- Reverts back to grantor (possibility of reverter)
Fee Simple Subject to Condition Subsquent?
- Potential to terminate (not automatic) upon occurance (but if, provided that)
- Creates right to re-entry; must be enforced
Fee Simple Subject to Executory Interest?
- Automatically terminates upon occurrence (so long as, while, unless)
- Passes to third person (executory interest; subject to Rule Against Perpetutites)
Life Estate?
- last for lifetime of some person; not always the one in possession
- Can transfer only life estate interest
Future Interest - Possibiity of Reverter?
Automatically reverts to grantor; follows fee simple determinable.
Future Interest - Right of renetry?
May revert back to grantor; requires enforcement; follows fee simple condition subsequent
Future Interest - Reversion?
- When holder transfers something less than full estate
- It is vested already - no rule against perpetuitites
Future Interest - Remainder?
Only becomes possessory upon expiration of prior possessory estate in same instrument. “If A for life, then B”
Future Interest - Vested Remainder?
- Ascertained person; and
- No condition precedent
Future Interest - Contingent Remainder
- Unascertained person (unborn); or
- Ascertainable but subject to condition precendent