Real Property Flashcards
Estates
Interest in real property
Real Property
Land, sub-surface rights, air rights, fixtures
Fixtures
Attached to the land “by its roots”, ex kitchen cabinets
What type of property is a corporate building?
Real Property
What type of property is a farm field?
Real Property
What type of property is a house?
Real Property
What type of property is a well or septic system?
Real Property
What type of property are kitchen cabinets?
Fixtures
What type of property is a mobile home?
Depends, if it can be actively moved it’s personal property
What type of property are vehicles?
Personal property, not part of land
Freehold Property Rights
Own the land, legal title to it, can use, hold, or sell
Non-Freehold Property Rights
Mere possession not ownership (lease)
Future Interest Property Rights
Take possession in the future
Present Possessory Property Rights
Currently have the right to own/possess
Non-Possessory Property Rights
Right to use, not possess
Easements (cable company running cables through your land)
Fee Simple Absolute Ownership
Present possessory, holder has the possessory rights, present and future, can be given in inheritance (heirs), potentially infinite duration, assumed by court, can do whatever you want
Defeasible Fee
Present possessory, conditional ownership, “To A so long as condition XYZ is met. If not met then it goes to B”
Could hold forever if condition is always met
Reversion
Future interest property rights, if condition fails to be met in defeasible fee, property goes back to grantor
Remainder
Future interest property rights, if condition fails to be met in defeasible fee, property goes to 3rd party (city)
Life Estate
An estate for the life of one or more people
“To B for Life”
One lives on estate until death then property reverts back to heirs (reversion or remainder after death)
How to sell life estate property
To get to fee simple absolute must buy out person living there and future heirs
Duties of a life tenant
Repair/preserve land/structures, pay taxes, not waste
What is property waste?
injure the future interest (letting the property rot), voluntary waste, permissive waste
Deed
Document that serves as title, filed with the register of deeds, includes names of grantors and grantees, consideration ($), legal description, signitures, notary seal, notice of mortgage or encumbrance (Banks take care of this part, new mortgage for each homeowner, “will not pay outstanding mortgage)
Will or Inheritance
Property transferred at owner’s death
Testate
Will
Interstate
No will, inheritance is governed by law, stuff is given out like a tree, goes to spouse/kids, then parents, if not those then out to siblings and then up again
Eminent Domain
Gov. taking land for public use, fair compensation is required
Adversive Possession
Continuous HOAX, obtain title to land without delivery of a deed, aids in resolution of boundry disputes
Continuous HOAX
Possession of land in an adversive possession must be:
1) Continuous
2) Hostile (without permission)
3) Open/Obvious
4) Adverse (not done in owner’s best interest)
5) Exclusive (you’re the only one doing it)
Timeline of Adversive Possession
7,10, or 14 years depending on state
Concurrent Ownership
Tenants in common, joint tenants, tenants by the entirety
Tenants in Common
Own an undivided fractional interest, don’t have to have same amount of ownership, have right to use entirety of land, when one dies portion goes to their heirs
Joint Tenants
Owns an undivided interest in the whole, equal amounts of ownership, upon death ownership goes to remaining tenants, unity of time, title, interest, and possession
Tenants by the Entirety
Ownership by spouses, no separate transfer, upon death share goes to surviving spouse, unity of time, title, interest, and possession, equal, unrestricted access
Tenancy for Years
Stated period of time, doesn’t have to be years could be 6 months
Periodic Tenancy
Lease period by period, to terminate notice required equal to periodic tenancy
General Landlord/Tenant Contract
Mutual assent, consideration requirements and duties, anti-discrimination (required no matter the contract)
Possession
Covenant of quiet enjoyment, Landlord needs cause to enter property once rented
Rights and Duties of Tenant
Pay rent, abide by terms of the lease (If T breaks, eviction, if LL breaches constructive eviction), T has right to use and responsible for damages,
Rights and Duties of Landlord
LL must repair and comply with building code, LL must furnish and maintain premises in a habital condition (Breach if substantial, physical defects)
Constructive Eviction
House becomes inhabital, T fixes and LL reimburses
