transfers, mortgages, etc Flashcards
in va, a grantor can write a deed while alive
that transfers at death; only has to write and record during lifetime
no exoneration of liens upon transfer
UNLESS DECEDENT SPECIFIED TO IN THE WILL
deed of trust
similar to mortgage; 3d party trustee has right to sell land for lender’s benefit if borrower defaults
what is a deed of trust?
owner of real property borrows money from lender, executes a promissory note through deed of trust
va follows deed of trust
if buyer pays off loan, he getes tite
mechanics lien
performs labor on real property has a mechanic’s lien on property to ensure payment
mechanics lien must be filed
within 90 days of the last day of the month it was performed
judgment lien
judgement against debtor’s real property; must be recorded where land is located
upon default of mortgage
can go after mortgagor personally
dispute about use/title of land is enforced by
ejection
dispute of possession
unlawful entry or detainer
easement by implication
grantor conveys land by deed that describes the land as bound by the road or street
easement by prescription
adverse possession, but no need for exclusive and no title
time 20 years
termination of easement
reason purpose no longer exists
license
can become an easement if the licensee changes her position on detrimental reliance of license
generally revocable, unless licensee relies on license to detriment
becomes an irrevocable easemnt
