Shit I Don't Know Flashcards
Race Statute
First to properly record wins (no BFP requirement)
Notice Statute
If Buyer-2 if a BFP, he wins (and loses in all other cases)
Race-Notice Statute`
If Buyer-2 is a BFP and records first, he wins (and loses in all other cases)
BFP
Purchases for fair value and without notice
Notice Statute Language
No conveyance is valid against a subsequent bona fide purchaser who has no notice of the original conveyance, unless the conveyance is first recorded
Race-Notice Statute Language
No conveyance is valid against a subsequent bona fide purchaser who has no notice of the original conveyance, and who has recorded the deed to his conveyance first
What is the key word to look for in a recording statute to determine if it is a race or race-notice statute?
and
When is a recording proper?
When it is also linked to the chain of title
What are the three chain of title issues?
Wild Deed
Shelter Rule
Estoppel by Deed
Wild Deed
Not properly recorded in chain of title, thus does not put subsequent parties on notice of ownersip
When should you issue spot a wild deed?
When a buyer fails to record and then subsequently sales and the second buyer records - the second buyer will be linked to buyer-1’s chain of title which is improper because it not linked to original owner because buyer-1 failed to record
Estoppel by Deed
A party who fraudulently sells land he does not own will be estopped from protection under a recording statute if he later validly acquires title to the land
Shelter Rule
a non-BFP may be protected if they bought from a BFP
When is the Shelter Rule usually triggered?
Gifts (not for value) or purchasers with knowledge (has notice)
Remainder
A FI that becomes possessory upon the natural expiration of a prior estate that is created in the same conveyance in which the remainder is created
Vested Remainder
not subject to any condition precedents; ascertainable grantee
Duties of a Landlord
Deliver Possession Repair (residential) Warranty of Habitability (residential) Covenant of Quiet Enjoyment Maintain Security Deposit
What can be the effect of a landlord violating the covenant of quiet enjoyment?
Breach:
- Partial
- Actual
- Constructive
Types of Deeds
General (covenants apply regardless of time)
Special (covenants apply during seller’s ownership)
Quitclaim (you get what I have, nothing more)
General Warranty Covenants (present and future)
Present: - Seisin - Right to Convey - Against Encumbrances Future: - Quiet Enjoyment - Warranty - Further Assurances
Seisin
Grantor owns land as described in deed
Right to Convey
Grantor has the right to transfer title
Against Encumbrances
no undeclared encumbrances against the land
Quiet Enjoyment
Grantee not disturbed in possession by a third party’s lawful claim
Warranty
Grantor will defend against third party’s claim
Further Assurances
Grantor will do whatever future acts reasonably necessary to pass title if later determined title is imperfect
What is an Easement
a nonpossessory right to use and/or enter onto the real property of another without possessing it
Types of Easements (6)
Express Implied (implication & necessity) Prescriptive Estoppel Negative
Express Easement
affirmatively created by the parties in writing that satisfies SOF (by grant or by reservation)
Easement by Necessity
(i) property is virtually useless without the benefit of an easement across an adjacent property, (ii) plots must have once been under common ownership, and (iii) necessity must have arose when plots severed.
Easement by Implication
(i) property previously under common-ownership, (ii) quasi-easement arose when plots severed, and (iii) previous use of servient estate was reasonably necessary to the use of dominant estate
Prescriptive Easement
AP minus exclusivity (20 CL statutory period)
Easement by Estoppel
good faith reliance on permission from servient owner, used to prevent unjust enrichment
