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Real Property

QuestionAnswer
Fee simple Determinable As long as, whil,during,Possibility of reverter.Durational language, auto forfeiture;followed by a possibility or Reverter.
Fee simple subject to condition subsequent. provided that , on the condition that...Right of re-entry(O has to come and excercise his entry)
Fee simple subject to executory limitation Future interest in a 3rd party other than O.
Life estate. life estate is an estate lasting for the life of a defined person.It has reversion
Life estate can be defeasible to A for life, the to B, but if A remarries, then immediately to B
Life estate Per autre vie to A for the life of B
Reversion Reversion follows life estate, fee tail, tenancies
Reverter Possibility of Reverter follows fee simple determinable. Possiblity of reverter can be transferred through will through intestacy.
Re-entry Right of Re-entry follows fee simple subject to condition subsequent
Remainder Remainder is a future interest that can become possessory only upon expiration of a prior estate created by same instrument.
Remainder example O conveys to A for life, then to B and her heirs .B has remainder.Note Remainders can be transferred(both vested,contingent).
Vested Remainder Remainder is vested.1 The holder has born.2 we know who is the holder.There are no conditions to be met.
Contingent Remainder 1 Holder has to meet a condition. before the Remainder becomes possessory.2 The holder hasn't born. or can't be ascertained. look for if or when in the hype.ex. O to A for life, then to B & heirs when B graduates from law School
Executory interest Interest in favor of one other than grantor that either cuts short the prior estate or springs out of O to become possessory.
Executory interest example O to A for life then to B and heirs but if B does not get married , then to C.Executory inteses are transferable before they become possessory.
Adverse Possession Requirements generally.1 actually possess2open,notorious and visible 3 hostile 4 continuous 5 statutory period
When does RAP(Perpetuaty) apply It applies to the (1)contingent remainders(2)Executory Interest(3)Option in Gross but no: reversions, possibilities of reverter, rights of entry, vested remainders.
Joint Tenancy undivided equal interest;right of survivorship
Tenancy in Common Presumed;interests can be unequal;no right of survivorship
Tenancy by the Entirety Only H & W; right of survivorship: only destroyed by divorce or court order
Assignment of the lease(Note:Remainder of the term will fall under assignemnt) The assignee is responsible to both T and Land lord
Sublease Subleasee is not responsible to the Land Lord. Only origional tenant is liable to the landlord.
What If rental is silent about assignement and sublease? then it is presumed to be allowed.
Fixture(personal property that becomes so tightly affixed to LL'Property that is part of real property. buit- in bookshelves. it is not removable.LL has not to pay tenant.
Trade fixture Used in tenants trade or business is almost always removable if real estate is restored.
Easement An easement is a privilege to use the land of another.
Appurtenant Easement that type of easement is attached to the land. white acre adjacent to black acre.(Dominant estate[getting benifit]Servient Estate[giving
Statute of Fraud It is always applicable whenever u are doing sth with the real property.
Easement by Implication 3 element. 1 must be created by severance 2 use must have preexited severence 3 use must be reasonably necessary.
Easement by Necessaity 2 elements 1 At one time Dominant and servient parcel owned by same person 2 must be strictly necessary .
Easement by Prescription (1)Use of servient tenement by dominant for statutory period of time (adverse possession)(2) must be hostile.
Misuse of easement injunction or damage. u will not forefeit the easement.(Easement is transferable.run with the land.)
Express easement it must be in writing to satisfy the statute of fraud.
Covenant and equitable servetidute Covenant and equitable servetidute are run witht the property
The rule of Servitude for benefit to run(Promisee transfer prop. In writing: intent that promise runs touch and concern.
The rule of servitude For burden to run(promisor transfer the prop). In writing intent that promise runs touch and concern. Notice(either actual, constructive or inquiry)
Termination of Easements, Covenants&Equitable Servitude. Termination can occur by:1)Abandonment by dominant tenant[clear expression]2)Material change in condition.(Mere non use isn't sufficient to terminate.
Land or any right of land. Generally. contracts for the sale of an interest in land must satisfy the statute of frauds. only exception is partial performance
What make title unMarketable title 1 outstanding lien or mortgage.2 Defective record chain 3 Easement that reduces full enjoyment.4 encroachment 5. violation of zoning code but not probably building code violation.
Risk of Loss if fire. then if he wins then that will be under doctrine of equitable conversion
Mortgage Note plus Mortgage document. The not and mortgage will always go together.
Who must repay the mortgage Original borrower is responsible(because of the note) subsequent purchaser of the property are not responsible unless they expressly assume repayment.
Assuming liability orally for the mortgage In mortgage oral responsibility is binding and that is an exception to the statute of fraud.
Deeds (Formalities) 1 must adequately identify grantor & grantee, especially grantee 2 must be signed by the grantor.3 must adequately describe the property.( Deed does not need consideration)
Deed must be delivered? deed must be delivered to be effective otherwise it is not effective.
Warranty deed 5 covenants 1 seisin(ownership) and right to covey 2 against encumbrances 3 quiet enjoyment.
Present Covenants 1 Seisin(ownership 2 right to convey 3 Against encumbrances (breached at conveyance : grantee doesn't need to be evicted to recover.
Future Covenants 1 quiet enjoyment 2 warranty (breached only when eviction occurs.
Recording Act-- Early taker wins unless 1. NOTICE STATUTE: 2nd taker wins if without notice 2 RACE NOTICE STATUTE:2nd taker wins only if she both (1)takes w/o notice of prior interest and(2)records before prior taker records.3 RACE STATUTE 2nd taker wins if he records firstevenif hetook w noti
Recording act (iMPOTANT0 3 statute read the language of law. important.
Shelter rule
Undivided half interest That is another way to say tenancy in common
Created by: naeemmann