Real Property - MBE Flashcards
waste & a mortgagor:
- what duty exists?
- how does paying rent impact this?
- A mortgagor has a duty not to commit waste with respect to the mortgaged property when such waste impairs the mortgagee’s security interest in that property.
○ It doesn’t matter if you timely pay your mortgage payments b/c that contractual duty is independent of the duty not to commit waste
What are the essential terms of a land sale contract?
essential terms = parties, property description, terms of price and payment
A closing date is not an essential term!
A real property contract has an _____ unless __ .
a real property contract has an implied covenant of marketable title unless specifically disclaimed.
What kind of warranty comes with a new construction?
do you get this even if…?
an implied warranty of fitness
if the defect was created after the hoe was built (but before you bought), this warranty exists even if you didn’t get an inspection done
What is waste? (that’s it, only define what waste is & when it applies
waste is a doctrine that applies when the legal interest in the property is split among two or more parties, such as a landlord and tenant or a life estate owner and the holder of the remainder interest
- waste doctrine: the nonpossessory party has the right to prevent the possessory party from altering the condition of the property.
what is equitable servitude, and how is it different from waste?
Equitable Servitude: An agreement between two or more parties that restricts the right of use or enjoyment of one or more parcels of property that can be enforced through equity (i.e., by specific performance).
different from waste b/c here, multiple people don’t have legal interest in the property
what are the elements of equitable servitude??
- Elements of equitable servitude:
○ Must be in writing
○ Must be intended to run with the land
○ touch and concern the land
○ The successors must have notice (actual, record, or inquiry)
