Real Property Flashcards
Effect of Property sale for Taxes
Everyone loses their interests in the property
Class Gift Rules
- Class opens when transferred from the grantor
- Class closes when any member of the class has a present possessory interest in the property
- If an unborn child is in gestation then he is included in class
Hold Over Doctrine
Applies when a tenant stays beyond a leases expiration…
If the landlord notified the tenant that the rent is going up the new rent is the rate charged
Assignment
When a tenant or landlord transfers possession for the remaining balance of the lease.
- Tenant remains in privity of contract
- New Tenant is only in privity of estate
Security Interest in Fixtures
prevails over prior recorded mortgage on the land with respect only to the fixture as long as the security interest in the fixture is recorded within 20 days after the chattel is affixed to the land
Equitable Conversion Doctrine
lives within Escrow period…
During this period the buyer is the equitable owner of the property and bears the risk of loss
General Warranty Deed
Contain 6 covenants of title, 3 present which do not run with land:
- Sesin
- Right to convey
- Covenant against encumbrances
3 Future covenants which run with the land:
- Covenant of Quiet Enjoyment (indemnify grantees against claims of title brought by 3rd parties)
- Covenant of Gen Warranty
- Further Assurances: grantor will take necessary measures to perfect the grantees title
Shelter doctrine
if you buy from a bona fide purchaser, you assume the status of that bona fide purchaser
Water Rights - Riparian
Domestic use trumps commercial/agricultural use
Water Rights - Prior Appropriations
the first person to make beneficial use trumps subsequent users
Statute of Frauds - Land Contract Sale
Writing evidencing agreement to sell real property must contain PRICE and IDENTIFY the land to be sold–must be somewhat specific (all real property is unique)
