Real Property MEE Rules Flashcards
Valid deed requirements (5)
(1) identify buyer and seller, (2) describe the land, (3) contain words denoting a present intent to convey, (4) be signed by grantor, and (5) delivered.
Equitable conversion
As soon as the contract is signed (but before closing), the buyer’s interest is real property and bears risk of loss.
Quitclaim deed
Grantor gives no covenants and the grantee gets whatever the grantor has.
Grantee takes land subject to a defect in title, undisclosed easement, etc.
Warranty deed
Grantor gives 6 covenants: (1) right to convey, (2) covenant of seisen, (3) no encumbrances, (4) further assurances, (5) quiet enjoyment, and (6) warranty.
Merger
On the closing date, the contract for sale merges into the deed, buyer can then only sue on the deed.
Breach of the implied warranty of fitness and habitability
A builder of new homes impliedly warrants to the buyer that the home is habitable and fit for its intended purposes.
Notice statutes
Protects subsequent BFPs for value who take without notice of the earlier transaction.
Race-notice statutes
Protects subsequent BFPs who take without notice and are the first to record.
Race statutes
Protect subsequent purchasers who are the first to record.
Three types of notice
(1) actual - grantee actually knows about the conveyance,
(2) inquiry - examination of land or reference in an instrument would lead a reasonable person to inquire,
(3) record - interest is recorded in the chain of title.
Liability on a mortgage when title is transferred
Takes land “subject to” mortgage = transferee not personally liable
“Assumes” mortgage = personally liable along with original mortgagor.
Periodic tenancy
No fixed end date, repeats until one party gives valid notice to another (ex: month-to-month)
Assignment
If the lease does not prohibit an assignment or sublease, a tenant can assign or sublease her interest in the lease
Constructive eviction
Landlord breached a duty to tenants that caused a loss of substantial use and enjoyment of the premises and tenant vacated w/in a reasonable time after giving notice.
Fair Housing Act
Prohibits discrimination in housing sales or rentals on the basis of race, color, religion, sex, familial status, or national origin.
Creation of an easement
Can be creased expressly, impliedly (by prior use or necessity), or by prescription.
Termination of easements
By express terms, written release, merger of dominant and servant tenements, estoppel, condemnation, or abandonment.
Creation of a joint tenancy
TTIP - same time, title, interest and possession.
Most states also require express reference to survivorship to create a JT.
Severance of a joint tenancy
-Giving it away during life
-Signing a contract for sale
-Actual judicial sale by judgement lien creditor
-Granting a mortgage in a title lien theory
Adverse possession
(1) open and notorious, (2) hostile, (3) actual, (4) exclusive, (5) continuous for statutory period
Adverse possessor vs. subsequent BFP
AP prevails because there is no document that the interest holder could record.
Fee simple determinable
Clear, conditional language, violation of which leads to automatic forfeiture and possibility of reverter.
Ex: for as long as, while, during, until, etc.
Fee simple subject to condition subsequent
Clear language that grantor has a right to re-enter upon the happening of a stated event.
Ex: upon condition that, provided that, but if, etc.
Fee simple subject to executory limitation
When fee simple terminates upon the happening of a stated event and then passes to a third party rather than reverting to grantor.
Lien theory state
Mortgage is a lien and does not sever a joint tenancy
Title theory state
Mortgage is a conveyance of title and severs a joint tenancy
Voluntary waste
Willful destruction (ex: excessively nailing holes in the wall)
Tenancy by the entirety
A protected martial interest between spouses with the right to survivorship.
Only severed by death, divorce, mutual agreement, or execution by a joint creditor.
Estoppel by deed
Applies to validate a deed that was executed and delivered by a grant who had no title to the land at that time, but represented that they did and thereafter acquired such title.
Permissive waste
Neglecting to reasonably secure/protect the premises (ex: water damage from leaving window open)
Easement appurtenant
2 parcels involved - dominant and servient tenement
Equitable servitude
A promise that equity will enforce against successors of the burdened land regardless of whether it runs with the land at law, unless successor = BFP
Tenancy for years
Tenancy for a fixed, determined period of time (ex: 1 week of 50 years)
Ameliorative waste
Unilateral change that increases the property’s value but tenant is liable for cost of restoration.
Implied warranty of habitability
Warranty that the premises are fit for human habitation
Remedies: move out and terminate lease, repair and deduct, reduce or withhold rent, remain in possession and seek damages
Special warranty deed
Contains same provisions as general warranty deed but grantor only makes promises on behalf of himself, not his predecessors.
Easement implied by prior use
Must show (1) there was once common ownership of dominant and servient parcels, (2) prior use existed and was apparent, (3) prior use was reasonably necessary.
