Real Property- Superior Title, BFP, Easement Flashcards
Property essay workshop
What do courts consider to determine which party has a superior title to a property?
The first-in-time rule and the extent to which the state recording act modifies it.
What does the first-in-time rule state?
The party who records their interest first has superior title as to any subsequent recorded interest.
What is a Bona Fide Purchaser (BFP)?
A person who purchases a property interest for value without notice of prior interest.
What types of property interests can arise?
- Mortgage
- Easement
- Lien
What does ‘purchase for value’ typically involve?
A purchase for monetary value.
What are the three types of notice?
- Actual notice
- Constructive or recorded notice
- Inquiry notice
What is actual notice?
Based on a subjective awareness of the prior interest.
What constitutes constructive or recorded notice?
Based on a properly recorded deed in the chain of title.
What is inquiry notice?
Based on facts that would lead a reasonable person to investigate.
What are the three types of recording Acts?
- Race
- Notice
- Race-Notice
What does a Race recording Act state?
A recorded interest prevails over any interest recorded later; BFPs are not considered.
What does a Notice recording Act state?
A BFP prevails against any prior interest of which he lacked notice, regardless of recording.
What does a Race-Notice recording Act state?
A BFP prevails against any interest of which he lacked notice, but only if the BFP records first.
If a recording act applies, what protection does a BFP receive?
The BFP is protected from preexisting interests in the property.
What is an easement?
A property interest giving someone a limited right to use someone else’s land.
How can an easement terminate?
- Terms
- Merger
- Release
- Abandonment
What is abandonment in the context of easements?
The easement holder indicates by words or actions that he intends to give up all rights in the easement.
Does mere non-use constitute abandonment of an easement?
No, abandonment requires nonuse plus evidence of an intent to give up the easement.
