Real Property

Question 1

Restraint on Alienation

Answer 1

When a grantor forbids the sale of land that is being conveyed. Generally, a restraint is void, and the restrictive line item will be struck from the conveyance.

Question 2

Marketable Title

Answer 2

Implied in every land sales contract is an implied warranty that at closing the seller will give the buyer marketable title that is reasonably free of defects regardless of the type of deed contemplated in the contract. It need not be perfect, but it should be free from unreasonable risks of litigation involving the property. Purchasers have a duty to report defects to give the seller reasonable time to cure. Marketability challenges must be made before deed transfer.

Question 3

Tenancy in Common

Answer 3

A tenancy in common is a concurrent estate held with nor right to survivorship. Tenants can hold different interests in the property, but each is entitled to possession of the whole. Interests are alienable, devisable and inheritable.

Question 4

Co-tenancy Repairs

Answer 4

Each co-tenant is responsible for their fair share of carrying the costs (taxes, mortgage interest payments) based on the undivided share they hold. A co-tenant that makes repairs is entitled to contribution for reasonable and necessary repairs provided they notified the others of the need.

Question 5

Joint Tenancy

Answer 5

A joint tenant is a conveyance of real property to two or more persons which includes a right of survivorship. Requires four unities: 1) time, 2) title, 3) interest, and 4) possession.

Question 6

Joint Tenancy Severance

Answer 6

When one joint tenant unilaterally transfers ownership interest, the new tenant takes possession of a tenancy in common. If the remaining interest holders remain, they remain as joint tenants. If a joint tenancy takes out a mortgage, in a lien theory jurisdiction the joint tenant remains intact, however in a title theory jurisdiction the joint tenancy is severed and a tenancy in common results.