Real Property Flashcards
Fee Simple (absolute)
highest possible ownership interest that can be held in real property.
Fee Simple (defeasible)
conveyance of property that has conditions placed on it. The holder possesses the property as a fee simple subject to that condition. If the condition is violated or not met, then the property will either go back to the original grantor or a specified third party.
Fixtures
How they are measured:
- Degree of attachment
- Degree of ownership
- Damage upon removal
- Relationship to property
- Agreement of parties
Lease
a contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for a periodic payment.
Adverse Possession
Hostile, open, Notorious (visible by anyone), exclusive, for statutory period.
Warranty of Habitability
requires landlords to keep their property “habitable,” even if the lease does specifically require them to make repairs.
Easements
The right of a person to ake limited use of another’s realty, usually w/o taking anything from it, or possession of it
- In gross - Utilities
- Appurtenant - crossing ones land to reach a road
Warranty Deed
Highest protection; transfer is proper, good title, no encumbrances, quiet enjoyment
Liens
Mechanic’s - when services rendered, labor, or material to improve real estate but the purchaser has not paid
Artisan’s - e.g. paints mural in office, hasn’t been paid
Adverse Possession
Hostile, actual & open, Notorious (visible by anyone), exclusive, for statutory period/continuous.
Transfer of Deed
Delivery is required, recording is not
Recording Rules
Race - 1st in time, 1st in right
Notice - last bfp to take title
Race/Notice - 1st bfp to record
Financing (Mortgages)
In writing w/ underlying debt; Parties:
mortgagor - homeowner/buyer
mortgagee - creditor
Financing (Mortgages)
In writing w/ underlying debt; Parties:
mortgagor - homeowner/buyer
mortgagee - creditor
Mortgage Transferability
“Assumption” - original mortgagor AND transferee personally liable, prop subject to foreclosure
“Subject to” - original mortgagor carries transferee for total amount at a higher rate and pays mortgage, original personally liab, sub. to foreclosure
