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Simple Property Cards Flashcards

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1
Q

Landlord Duties

A
  • Must give actual possession on first day of lease term
  • Duty for basic repairs
  • Warranty of Habitability
  • Warranty of Quiet Enjoyment
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2
Q

Doctrine of Equitable Conversion

A
  • A majority of jurisdictions apply the doctrine of equitable conversion when a land-sale contract is silent regarding the risk of loss.
  • Under this doctrine, the risk of loss is placed on the party with equitable title at the time the property was destroyed unless the other party is at fault for the loss.
  • The seller retains legal title to real property during the pendency of the sales contract (i.e., during the executory period), but the buyer receives equitable title once the contract is formed and can be specifically enforced.
  • When there are no conditions/contingencies in the K, the contract is specifically enforceable as soon as it is formed.
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3
Q

Creation of Joint Tenancy

A

(1) clear expression of intent to create a joint tenancy; AND
(2) uses survivorship language

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4
Q

Fee Simple Subject to Executory Interest

A

Conditional conveyance in which a third party is granted an executory interest in the property.

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5
Q

Life Estate

A

Present possessory estate that is limited by a person’s life.

Terminated when the measuring life dies.

Cannot commit waste

Has to pay interest on the mortgage and taxes

Language:
“O to A for A’s life”
“O to A for B’s life”

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6
Q

Tenant Duties

A
  • Duty to pay rent
  • Cannot commit waste
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7
Q

Tenant’s Duty to Pay Rent

A
  • If T fails to pay rent, the landlord may evict the tenant or sue for breach of K
  • 3 main situations where the duty to pay rent is suspended:
    (1) premises are destroyed
    (2) tenant is evicted OR
    (3) landlord materially breaches on the lease
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8
Q

Implied Covenant of Marketable Title

A

This is part of a land-sale contract, regardless of the type of deed created.

  • Under this covenant, the seller promises to deliver title that is reasonably free from doubt and under no threat of litigation, such that a reasonable person would accept and pay for it.
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9
Q

Subject to the mortgage

A
  • original owner liable for payment
  • BUT bank CAN foreclose on new owner
  • Grantee/new owner is NOT personally liable for the debt
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10
Q

Remainder

A

Interest after a life estate.

“Then to”

There are two types.

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11
Q

Elements of Adverse Possession: ECHO

A
  • Exclusive: physical presence on land not shared with owner
  • Continuous: presence is continuous and uninterrupted for statutory period
  • Hostile: possession must be without owner’s consent
  • Open, notorious & actual: possession must be apparent or visible to reasonable owner
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12
Q

Contribution - Repairs and Improvements

A
  • No contribution for REPAIRS, unless
    necessary & requested
  • No contribution for IMPROVEMENTS, unless
    increase rents/profits
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13
Q

Covenant Against Assignment or Sublease

A

Strictly construed

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14
Q

Creation of Easement
PING

A
  • By Prescription (continuous, open, adverse, hostile)
  • By Implication
  • By Necessity
  • By Grant/Writing > 1 year

Can be positive or negative

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15
Q

Time of Easement

A

An easement will last forever, unless terminated

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16
Q

If landlord breaches the implied warranty of habitability, the tenant may:

A

Breach: M + 3RS:
1. Move out and terminate
2. Repair and deduct
3. Reduce rent or withhold
4. Remain and sue (pay rent and get damages)

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17
Q

Tenancy for years

A
  • Measured by a fixed and ascertainable amount of time
  • No notice required for termination
  • Ends at end of term
  • Term > 1 year must be in writing (SOF)
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18
Q

Assume the mortgage

A
  • New buyer takes over payment
  • Original owner secondarily liable unless novation
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19
Q

Reversion

A

Interest goes back to grantor.

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20
Q

Rights of Co-Tenants

A
  • Possession: each has right to possess whole; no ouster
  • Rent from Co-T: none, absent ouster.
  • Rent from 3rd Parties: lease of premises must account to co-t for fair share of income.
  • Adverse Possession: co-T can’t adversely possess unless valid ouster.
  • Carrying Costs: each co-t must pay for portion of taxes and mortgage.
  • Repairs: NOT divided between co-Ts. But the co-T who pays for the repairs can get credit for the repairs in a partition action.
  • Improvements: no right to reimbursement for improvements but co-t who pays for the improvements can get credit for the repais in a partition.
  • Waste: no waste and liability if co-t commits.
  • Partition: any co-t can seek it.
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21
Q

Constructive Eviction after Breach of Quiet Enjoyment

A

A constructive eviction occurs if the:
(1) landlord caused the premises to be unsuitable for their intended purposes
(2) tenant notified the landlord
(3) landlord did NOT correct the problem AND
(4) tenant vacates the premises after a reasonable amt of time

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22
Q

Fee Simple Determinable

A

Conditional conveyance in which the grantor retains a possibility of reverter

Language:
-“So long as”
-“while”
-“during”
-“Until”

Ex: Jon conveys Greenacre to you as long as you use it as a museum.

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23
Q

Right of Entry

A

Future interest that follows a condition subsequent

Does NOT vest automatically when the condition fails (i.e., the grantor must reclaim the property).

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24
Q

Covenants

A
  • Promise concerning the use of the land that runs to successors of the promise.
  • Always created by writing - looks like a K
  • Generally last forever
  • Remedy is money damages
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25
Q

Life Estate Future Interests

A

If possession of the land goes back to the grantor after the life estate terminates, then the grantor retains a reversion.

If possession goes to a third party after termination, then then third party takes a remainder.

A remainder can be vested or contingent.

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26
Q

Futute advance mortgage

A

A line of credit used for home equity, construction, business, and commercial loans. “Second mortgage”

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27
Q

Equitable Servitude:

A
  • Looks like a Restrictive Covenant but with easier requirements.
  • No privity requirement
  • Remedy is injunctive relief
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28
Q

Doctrine of merger

A

Under this doctrine, any obligations contained in the land-sale contract merge into the deed and are extinguished at closing. As a result, these obligations are enforceable only if they are contained in the deed.

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29
Q

Vested Remainder Subject to Complete Divestment

A
  • If a person’s interest can be wiped out.
  • Ex: Jon to you for your life, then to C, but if C has no kids then to D.
30
Q

Fixture

A
31
Q

Deed in Lieu of Foreclosure

A

A mortgagor (debtor) may convey all interest in the mortgaged property to the mortgagee (lender) in lieu of foreclosure so long as both parties agree.

  • This allows the mortgagee to take immediate possession of the property without the formalities of a foreclosure sale.
  • However, the mortgagee (lender) takes the property ALONG with any junior interests attached to the property.
  • AND if the mortgagee accepts a deed in lieu of foreclosure without reserving the right to foreclose, then its mortgage is EXTINGUISHED.
32
Q

Tenancy in common

A

Default estate created by a conyeance of real property to two or more people.

Need NOT use any type of explicit language to create.
NO right of survivorship

33
Q

Implied Reciprocal Servitude

A

Need common scheme & notice

Usually comes up in planned communities

34
Q

Title Theory

A
  • Bank holds TITLE
  • Owner only has an equitable interest
  • Owner cannot sell
  • SEVERS joint tenancy into tenancy in common
35
Q

Vested Remainder Subject to Open

A

-Refers to a class of people
-One must be alive

Ex: Jon conveys Greenacre to you for your life, then to Bob’s children.

36
Q

Equitable right of redemption

A
  • Time from NOTICE to SALE
  • NEVER waived
37
Q

Tenancy in common: Each tenant in common has:

A

(1) Separate but undivided interest in the property
(2) the right to possess and enjoy the entire property; AND
(3) the right to transfer their interest in the property freely during their lifetime or at death (i.e., NO right of survivorship).

38
Q

Contribution - Rent

A

Out of possession co-tenant may SHARE in rent and profits that property is generating.

Can’t demand rent from a tenant in possession. UNLESS they are damaging the property.

39
Q

Lien Theory

A
  • Bank only has a LIEN
  • Owner holds TITLE
  • Owner can sell
  • Does NOT sever JT
40
Q

Severance of JT common situations

A

(1) when a JT conveys her interest to a third party –> TIC

(2) When a JT grants a mortgage interest in the JT to a creditor, in a lien theory jurisdiction (majority view), the mortgage is treated as a lien and does NOT terminate the JT

41
Q

Easement v Covenant v Servitude

A

Easement: right held by one person to make specific, limited use of land owned by another. Generally grant AFFIRMATIVE rights.

Covenant: Unlike easements, profits, and licenses, which generally grant affirmative rights to use real property, real covenants and equitable servitudes RESTRICT the right to use real property or IMPOSE obligations on the owners of real property. Damages are sought.

Equitable servitude: agreements about land use that are enforced by injunction.

42
Q

Termination of Easement
END CRAMP

A
  • Agreement
  • Time
  • Merger
  • Abandonment

END CRAMP
-Estoppel (servient landowner materially changes position in reasonable reliance that easement won’t be enforced)
-Necessity
-Destruction of servient land
-Condemnation of serv land by eminent domain
-Release (in writing)
-Abandonment (physical action by holder expressing intent never to use again)
-Merger (if separated later, doesn’t auto revive)
-Prescription (servient owner interferes)

43
Q

Fair Housing Act

A
  • Federal law prohibits discrimination in sale/rental
44
Q

Tenancy by the Entirety

A
  • Between married people
  • Right of survivorship
  • No conveyance without consent
  • Severed by divorce
45
Q

Profit

A

Right to enter the land and take something off the land

46
Q

Vested Remainder

A

Automatic Transfer

A future interest that is both:
(a) given to an ascertained (i.e., readily identifiable) grantee; AND
(b) NOT subject to a condition precedent

Ex: Jon conveys Greenace to you for your life, then to Bob

47
Q

Tenancy at will

A
  • Terminable at will (for any reason) WITHOUT notice
  • Reasonable amount of time to terminate
48
Q

Purchase Money Mortgage

A

Money used to purchase the property

ALWAYS gets priority

49
Q

Partition

A

Court divides property in two.

Granted unless not practical.

Available to tenancy in common or a joint tenancy

50
Q

Fee Simple Absolute

A

100% of ownership forever
Default Estate

51
Q

Assignment

A
  • Assign the rest of the lease term
  • New tenant primarily liable
  • Original tenant secondarily liable unless NOVATION
52
Q

Executory Interest

A

Future interest that divests (terminates) an earlier interest.

53
Q

License

A
  • A license is a nonpossessory right to enter and use another’s land for a specific purpose.
  • A license is freely revocable unless the licensee detrimentally relied on the license (e.g., paid money to use or maintain the license) OR the license was coupled with an interest in the property (e.g., a remainderman’s license to enter and inspect property).
  • A license can be revoked by the licensor at any time, but it terminates automatically upon (1) the death of the licensor or licensee or (2) the conveyance of the licensed property.
54
Q

What are the six covenants of title that a grantor guarantees with a general warranty deed?

A

Present covenants:
1) Covenant of seisin,
2) Covenant of the right to convey
3) Covenant against encumbrances

Future covenants:
4) Covenant of quiet enjoyment
5) Covenant of warranty
6) Covenant of further assurances

55
Q

Fixtures

A
  • Chattel affixed to property
  • Removal would cause damage
  • AUTOMATICALLY TRANSFERS with the land unless the conveying instrument (deed) provides otherwise.
56
Q

Contribution - Taxes and Mortgage

A

Co-Tenant paying mortgage and taxes: may seek contribution
Sole possessor: only recover amount that exceeds market value.

57
Q

Statutory Redemption

A

Period of time AFTER foreclosure sale

58
Q

Joint Tenancy

A

Conveyance of real property to two or more people.

  • right of suvivorship
  • The surviving joint tenants automatically take the deceased tenant’s property interest.
  • Trumps a will
  • Conveyances SEVERS a joint tenancy to a tenancy in common

CANNOT pass their property interest by will or intestate succession. At death their property interest automatically passes to the other joint tenants.

59
Q

Fee Simple Subject to Condition Subsequent

A

If the future event/condition occurs, then grantor has a right of entry.

Language: “provided that,” “on the condition that,” “but if”

Future interest is right of entry

Ex: Jon conveys Greenacre to you but if the Jets ever win the superbowl Jon gets the property back.

60
Q

Sublease

A
  • Give away a portion of lease
  • Original tenant liable unless novation
61
Q

Ouster

A

Someone got kicked off the property.

62
Q

Defeasible fee

A

A conveyance in fee simple in which the grantor places express conditions on the conveyance.

Capable of lasting forever, but may be terminated by the occurrence of an event.

63
Q

Burden to run to successors, need:

A
  1. Writing
  2. Intent
  3. Touch & concern
  4. Strict Vertical Privity
  5. Horizontal Privity
  6. Notice
64
Q

Four Unities Needed for a Joint Tenancy: PITT

A

Possession: must have an equal right to posses and enjoy the whole property
Interest: each JT must have an equal share of the same type of interest (e.g., two joint tenants each have a 50% share in fee simple).
Time: JTs must receive their property interests at the same time.
Title: JTs must receive their property interest in the same instrument of title.

65
Q

Contingent remainder

A

Subject to an event.

A future interest that fails either of the two vested requirements.

Ex: Jon conveys Greenacre to you for your life, then to Bob if he’s married.

66
Q

RAP

A

Interest must vest within 21 years of the life in being

67
Q

Easement

A

The right to use someone else’s land

68
Q

The benefit of the covenant “runs with the land” if:

A
  • Writing
  • Intent between parties
  • Touch and concerns the land (won’t touch and concern the land when it is personal or has to do with a K).
  • Relaxed Veritcal Privity (i.e., successor can take less than the original party’s entire interest)
69
Q

Periodic Tenancy

Landlord-Tenant

A
  • month to month, year to year
  • Renews automatically unless a termination date
  • Notice required to terminate
70
Q

Vested Remainder Subject to Open

A
  • Refers to a class of people. One must be alive.
  • Ex: Jon conveys Greenacre to you for your life, then to Bob’s children.
  • Ex: A conveys Blackacre “to my son for life, and on his death to his children.” When A conveys Blackacre, his son is alive and has one child. That child has a vested remainder subject to open because his interest in Blackacre may be subject to being shared if A’s son has other children.
71
Q

Proper Notice for Terminating Periodic Tenancy

A
  • Needs to give notice before the start of what will be the last term.
  • Notice is effective on the last day of the term.
  • Ex: if tenant gives proper notice of termination on June 11, the termination will be effective on July 31.
72
Q

Possibility of Reverter

A

Future interest following a fee simple determinable

AUTOMATICALLY reverts to grantor if condition is not met.

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