Real Property Flashcards
Valid Deed requires
identify buyer and seller
describe the land
contain words denoating a present intent to convey
signed by grantor
MUST ALSO BE DELIVERED
Delivery?
question of intent to pass title presently
Contract of Sale
under duties of EQUITABLE CONVERSION, as soon as K is signed (before closing) buyer has interest in RP and seller’s interest is in PP ($$$$)
Who has risk of loss after contract of sale?
BUYER (even if seller in possesion)
Quitclaim Deed
grantor gives no covenents to grantee, take land subject to defects in title
Warranty Deed
MEE tends to test PRESENT COVENANTS
RIGHT TO CONVEY & SESIN (he owns the land he is selling)
ENCUMERANCES (no existing easements, liens, or encumberances that are not stated on deeds)
Merger
at closing, contract of sale merges into DEED - then buyer can ONLY sue on the DEED
First-in-time First-in-right
Common law principle
Notice Statutes
portect bona fide purchasers for value (new buyer) who take without notice of earlier transaction
Race-Notice Statute
protect buyers for value who take WITHOUT notice and are FIRST TO RECORD
What is notice? (AIR)
Actual Notice
Inquire
Record Notcie (interest is recorded in chain of title) - wild deeds = too late deeds are NOT notice
“Subject to” Mortgage
not personally liable
“Assumes Mortgage”
personally lable along with the original motrgager
If transferee pays mortgage paymenets, is he impliedly assumed the motrgage?
in some states YES
Novation
initial mortgager, new transferee, and mortgagee all agree mortgage are no loner liable and trasnferee assumes all the duties
Terms for Years Lease
specifies both a beginning and end date
Perioidic Tenancy
NO FIXED END DATE (month-to-month) lease
express agreement, implication (lease has no end date), or by operation of law (SOF)
valid notice is required to terminate periodic tenancy
Assignment
if lease does not prohibit, can assign or sublease interest in the lease
Constructive Eviction
T can sue landlord (commercial or residential) if landlord breached duty to tenant (duty to repair) and breach caused a substantial use and enjouyment of premises and tenant has vacated within reasonable time giving adequate notice
Implied Warranty of Habitability
only residental lease if premises are unhabitable
can vacate, can sue for damages
Duties of Tenant
must pay rent
if does not pay rent but has abandoned property can sue tennat for damages or treat it as surrender
Duty to Mitigate
CL = no duty to mitigate damages
many states have abandoned this
Fair Housing Act
disallovs discrimination in housing sales or rentals on the basis of race, color, religion, sex, familial status, and national origin (but not occupation)
Easement
CREATION?
TERMINATION?
Creation? expressly, impliedly (necessity or prior use) or by prescription
Termination? express terms, written release, mereger of tenments, precription, estoppel, abandonment (nonuse)
Create and Sever a Joint Tenancy
FOUR UNITIES TO CREATE T-TIP
Time, Title, Interest, and Possesion & survivroship language in some states
Severance? G SAM - giving it away during life, sigining a contract for sale, actual judicial sale by creditor, mortgage in title theory state
Requirements for Adverse Possesion CHANGE
- Continuous
- Hostile and under claim of right
- actual
- open
- notorious
- goes on for statutory period
- exclusive
may tack on time that prior adver possesor possesed
will prevail over a subsequent bfp who complies with recoridng act bc no document that the interest holder could record
