Real Property Memorization Flashcards
Adverse Possession
Continuous
Open and Notorious
Actual and Exclusive
Hostile (no permission)
Statutory Period
Land sale contract - SOF
- writing
- parties identified
- signed by one to be bound
- consideration
- Part performance: two of possession, substantial improvement, payment
Land sale contract
Marketable title
Equitable conversion
Remedies for breach:
- damages
- specific performance
Mortgages
Writing required
Foreclosure
- judicial foreclosure
- priority of loans:
-
Mortgages Foreclosure
Priority:
* PPM
* Fees, senior, junior liens,
* Deficiency
Deed Requirements
- Parties
- In writing and signed by grantor
- describes land
- words of intent
- no consideration required
General Warranty Deed
- Seisin - grantor warrants it owns the land
- Righth to convey
- Encumbrances
- Title - grantor will defend against lawful claims of title
- Quiet Enjoyment - will not be disturbed in possession
- Further assurances - will do future acts necessary to perfect title
Deed Delivery
- Intent to make present transfer
- Strong presumption of present transfer (a) recording deed or (b) physically delivery deed to grantee
- Acceptance by grantee
Recording Acts
- Race - first to record wins
- Notice - last BFP wins over a prior grantee that did not record
- Race-Notice - last BFP who records first wins over prior grantee
Bona Fide Purchasers
Purchaser for value, takes without actual, inquiry or record notice
Estoppel by Deed
If one conveys an interest in realty he does not own via a warranty deed, but subsequently obtains an interest in the realty, the estate will automatically transfer to the grantee.
Shelter Doctrine
One who takes from a BFP will stand in the shoes of the BFP and will prevail against any entity against which the transferor BFP would have prevailed in his own action.
Present Possessory Estates
- Fee simple absolute
- Fee simple determinable (possibility of reverter)
- FS subject to condition subsequent (right of reentry)
- FS subject to an executory interest
- Life Estate
Future Interests in Grantor
- Possibility of reverter
- Right of Reentry
- Reversion - grantor transfers something less than entire estate
Future interests in Third Parties
- Vested Remainder
- Contingent Remainder
- Shifting Executory Interest - follows defeasible fee, cuts off someone other than original grantor
- Springing Executory Interest - cuts off original grantor
Rule Against Perpetuities
Interest must vest not later than 21 years after some life in being at the creation of the interest. RAP applies fo:
* contingent remainders
* executory interests
* right of first refusal to purchase land
* class gifts
* powers of appointment
RAP applies to:
- Contingent remainders
- Executory interests
- Options in gross
- Class gifts
- Powers of appointment
Creation of Joint Tenancy
- Same Time
- Same Title
- Identical Interests
- Right to Possess the whole
- Express right of survivorship
Severance of Joint Tenancy
- Transfer inter vivos
- Not by will or by interstate
- Mortgage: lien theory does not sever, title theory does sever
Tenancy in Common
- Equal right to occupy
- Nonequal shares ok
- Can sell, will, or inherit
- No right of survivorship
- Presumed where there are multiple owners
Tenancy by the Entirety
- Spouses only
- Right to survivorship
- Severed by death, divorce or agreement
Types of Leasehold Tenancies
- Tenancy of Years
- Periodic Tenancy
- Tenancy at Will
- Tenancy at Sufferance
Constructive Eviction
- Substantial Interference with use and enjoyment of land
- Notice given to Landlord
- Tenant moves out
- T can withhold entire rent
Warranty of habitability
- Residential leases only
- Doesn’t meet bare living conditions
- Move out - terminate lease
- Reduce rent
- Repair and get reimbursed
- Remain and sue for damages
Landlord’s tort liability for premises
Common Areas
Latent defects
Assumption of repairs
Public Use - inspect areas open to public
Short Term Rentals
Types of Waste
Voluntary - decreases value
Permissive - neglect
Ameliorative - improvements
Fixtures
Assignment and Sublease
Assignment: entire interest, assignee owes rent to LL
Sublease: partial interest, sublessee owns rent to sublessor
Creation of an Easement
- Prescription (adverse possession but need not be exclusive)
- Implication
- Necessity
- Grant (express in writing)
Easement Created by Implication
- Originally one parcel then severed
- use existed prior to severance
- reasonably necessary
Easement Created by Necessity
- Common ownership
- Strictly necessary
- No prior use required
Termination of Easement
Estoppel (reliance that easement terminated)
Necessary ends
Destruction
Condemnation
Release
Abandonment with action
Merger of parcels
Prescription
Real Covenants - Burden runs
- Writing
- Intent
- Touch and Concern
- Horizontal Privity
- Vertical Privity
- Notice
Real Covenants - Benefit Runs
- Writing
- Intent
- Touch and Concern
- Vertical Privity
Equitable servitude to Run
- Writing
- Intent
- Touch and Concern
- Notice
Implied Reciprocal Servitude
- Common plan or scheme
- Notice
- Writing not required
Profits
Right to take resources from the land. Rules similar to easements
License
Permission to use land. Not an interest in land. Terminates when licensor or licensee dies or when burdened land is transferred
Water Rights
- Riparian
- Drain Surface Water
- Ground Water
Lateral and Subjacent Support
- Natural State affected strict liability
- Buildings affected - SL only if land in natural state would have subsided anyway. Otherwise negligence
Zoning
- For public health and safety
- must be reasonable
- Cumulative vs noncumualtive
- Variance if undue hardship
- Nonconforming use can be grandfathered in or subject to amortization
Implied Promise of Marketable Title
- Free from reasonable doubt and litigation
- encumbrances, record chain of title, easement, use restrictions, zoning violation
Specific Performance Remedy for Sale Contract of Land
- Contract is valid
- Plaintiff has satisfied contract conditions
- Inadequate legal remedy
- Mutuality of performance
- Feasibility of enforcement
- No defenses
Life Estate
- Pur Autre Vie - measured by someone else’s life
- Can be defeasible
- Conveyable - no more than what life tenant has
- Duty not to commit waste
Contingent Remainder
Created un unborn or unascertained persons, or
subject to a condition precedent
Vested Remainder
- Indefeasibly vested remainder
- Subject to total defeasance (subject to condition subsequent
- Subject to open (i.e., subject to diminution by birth of additional people)
