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Property- Essays

QuestionAnswer
Fee Simple Absolute A fee simple absolute is an estate where the grantee receives all possible rights to the land.
Fee Simple Determinable A fee simple determinable is an estate that terminates automatically upon the happening of a named future event.
Fee Simple Subject to Condition Subsequent A fee simple subject to a condition subsequent is an estate that may be cut short if it is retaken by the grantor or a third party on the happening of a named future event.
Fee Simple Subject to Executory Interest A fee simple subject to an executory interest is an estate that is automatically divested in favor of a third person on the happening of a named future event.
Life estate is an estate that lasts for the duration of the grantee's life.
Life Estate "Pur Autre Vie" is an estate that lasts for the duration of someone's life other than the grantee.
Term Estate is an estate with a duration of anything less than a life estate.
Fee Tail is a common law freehold estate that descended only to the grantee's children.
Rule Against Perpetuities provides that no interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest.
Rule against waste provides that the tenants of life estates and leaseholds cannot adversely affect future interests by negligently or intentionally damaging the property and must take reasonable steps to guard against damages.
Doctrine of ameliorative waste a life tenant is allowed to improve the land if 1) the improvements don't impair market value and 2) it's either permitted by the remaindermen or a substantial and permanent change in the neighborhood has deprived the property of reas. current value
Life tenants may consume natural resources if 1) for the repair and maintenance of the property or 2) with grantor's permission.
A life tenant has a duty to maintain the property in: reasonable repair to the extent of 1) income derived from property if rented to another or 2) reasonable rental value of the land if tenant lives on the land.
A restraint on alienation is a condition placed on the ownership of real property that restricts free conveyance of that property.
A Disabling restraint is always void
Forfeiture restraints & Promissory Restraints are valid only for life estates and future interests.
Tenancy in Common is where each co-tenant owns an undivided interest in the whole of the property with no right of survivorship.
joint Tenancy where each co-tenant owns an undivided interest in the whole of the property and with right of survivorship.
Right of Survivorship causes the property to pass to the surviving co-tenants if one of the co-tenants dies.
A joint tenancy is severed if one JT conveys his interest voluntarily or involuntarily.
Tenancy by entirety a form of concurrent ownership reserved for married couples which gives each spouse an undivided interest in the whole of the property with the right of survivorship.
Each co-tenant is entitled to possess the whole of the property
wrongful ouster by a co-tenant occurs when one co-tenant wrongfully excludes another co-tenant from possession of any party of property.
Elements of adverse possession 1) open, visible, and notorious, 2) actual, 3) exclusive, 4) hostile and under claim of title or right and 5) continuous for the statutory period
in Illinois the statutory period for adverse possession is 20 years
Each co-tenant has a right to seek partition of the property
If a co-tenant makes necessary repairs contribution may be compelled for those repairs if they were requested of the other co-tenant and there was a refusal to pay.
Tolling of SOL on adverse possession occurs when: Minority, Insanity, and Imprisonment will toll the running of the SOL on adverse possession as long as the disability exists at the time the adverse possession starts.
A co-tenant has no right to seek a contribution or set off for improvements unless they generate increased profits.
A writing for the transfer of a real interest in property must contain the following elements to satisfy the SOF: 1) be signed by party against whom enforcement is sought; 2)describe the property, parties, and price; and 3) contain any conditions of price or payment agreed upon.
Doctrine of Part performance The doctrine of part performance may be used to enforce an otherwise invalid oral contact of sale, provided that the acts unequivocally prove the existence of the contract.
Marketable Title Marketable title is titled that is reasonably free from doubt in both fact and law.
A purchaser becomes an equitable owner of title at the time of the execution of a binding contract.
In Illinois, if the seller remains in possession or no one is in possession between the signing of the contract and closing, the risk of loss remains on the seller.
seller's expectation damages for buyer's breach are measured by the difference b/w contract price and market price at the time of the breach.
If a buyer breaches a k for the sale of real property, the seller can get 1) expectation damages, 2) deposit if 10% or less; 3) foreseeable consequential damages; 4) reasonable reliance damages; 5) rescission or specific performance
If a seller breaches a k for sale of real property, the buyer can get 1) expectation damages (diff. b/w k price and market price @ breach), 2) reasonable reliance damages 3) restitution of down payment, 4) specific performance
when do covenants in a contract of sale merge into the deed? only if they are mentioned in the deed.
General Warranty Deed seller warrants that no title defects have occurred during her ownership and there are no defects in the chain of title.
Special Warranty Deed seller warrants that no title defects have occurred during her ownership.
Quitclaim Deed seller does not make any warranties.
Covenant of Quiet Enjoyment grantor guarantees that she will assist in defending lawful title claims and will compensate for losses sustained in assertion of superior title.
3 requirements for an effective transfer of real property by deed 1) donative intent; 2) delivery; 3) acceptance
A lease may be oral if less than one year
A lease must be in writing if for a term of more than 1 year
term of years definite beginning and end
Periodic tenancy has a set beginning date and continues from period to period without a set termination date.
At will lease has no fixed duration and lasts only so long as landlord and tenant desire.
Holdover tenant one who remains in possession of the premises after the expiration of the lease.
In IL, a willful or deliberately wrong holdover subjects the tenant to double rent penalty.
The landlord is responsible for repairs
A tenant may terminate the lease and withhold rent if the LL breaches the covenant of quiet enjoyment by constructive eviction.
Constructive eviction occurs when 1) LL’s act substantially and permanently interfere’s with tenant’s use and enjoyment of the premises and 2) tenant moves out as a result.
implied warranty of habitability guarantees that the LL will deliver and maintain the premises that are safe, clean and fit for human habitation.
A tenant abandons the premises when she vacates the premises without intent to return and fails to pay rent.
Assignment occurs when the tenant transfer to a third person all rights and interest in the premises. An assignee has privity of estate with the landlord while in possession of premises.
Sublease occurs when the tenant transfers less than all of her rights and interest in the premises to a third person.
In Illinois, if a lease requires a LL's consent for a sublease, the LL cannot unreasonably withhold consent.
Fixture chattel that is so connected to the real property as to be a part of it.
Trade fixture is a chattel that is connected to the land by a tenant to advance her business or trade during her tenancy
A mortgage deed must contain 1) parties’ identity; 2) description of property; and 3) intent to create a security interest.
Title theory mortgagee receives legal title to property, right to possession, and rents & profits.
Lien theory (Illinois) mortgagee receives a lien and mortgagor retains legal & equitable title and possession.
Deeds of trust are generally treated like mortgages
Recordation of a deed is not required to validate the transfer
Race Statute whoever records first has title to the property
Notice Statute the last bona fide purchaser who takes without notice has title
Race Notice Statute (illinois) the last bona fide purchaser who takes without notice and records has title
constructive notice exists where the deed is properly recorded
Inquiry notice exists where the appearance of the property would lead a claimant to question the title
profit a prendre is a right to take something off of the land of another
easement may be created in 4 ways 1) expressly thru a writing; 2) by implication; 3) by prescription; 4) by estoppel
Easement is an interest in the land of another
An easement by prescription requires the elements of adverse possession
easement by implied by prior use 1)severance of land held in common ownership; 2) prior use at time of severance; 3) reasonable necessity
easement implied by necessity 1) severance of land held in common ownership and 2) strict necessity at time of severance
an easement is terminated when dominant and servient estates come into common ownership
A covenant that runs with land is a promise that attaches to land
there are 5 elements required for a covenant to run with land 1) writing; 2) intent; 3) privity; 4) touch and concern; 5) notice
A court will enforce a covenant in equitable servitude if 1) P can establish elements of a CRL but seeks equitable relief OR 2) P can only demonstrate part performance and a common scheme
implied reciprocal servitude where owner of 2 or more lots sells one with restrictions that benefit the unsold land, the restrictions become mutual and the seller cannot do what is forbidden to the retained land.
Created by: srslaw87