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Real Property
| Question | Answer |
|---|---|
| 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
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