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PMBR MBE FC Property

QuestionAnswer
Future Interest in Grantor Possibility of Reverter (Automatic) -> FSD Right of Re-entry (Duty) -> must excercise, needs affirmative action Life Estate -> Reversion
Present Possessory Interest Fee Simple Absolute Fee Simple Determinable - as long as, while, until - goes back auto to Grantor Fee Simple Subject to Condition Subsequent - but if, on condition Fee Simple Subject to Exec Limitation- doesn't go to Grantor, but to 3 party Life Es
Future Interest in Third Party FSSEL -> Executory Interest Life Estate -> Remainder
Rule Against Perpetuity 1. C - Contingent Remainders/Class Gift 2. O - Options to Purchase (Fee Options) 3. P - Powers of Appointment 4. E - Executory Interests 5. R - Rights of First Refusal
Restraint on Alienation Restriction prohibiting the recipient from selling or otherwise transferring his interest in the property. Such restraints are void as against public policy of allowing landowners to freely dispose of their property.
Valid Restraints of the Alienation -A prohibition against partition of property for a limited time -The right of first refusal - A sells property to B, A may require that if B later decides to sell the property, she must first give A the opportunity to buy it back.
Concurrent Estates - Joint Tenancy ( JT ) 1. 4 unities – time, title, interest, possession 2. Survivorship – estate passes to the survivor
Concurrent Estates - Tenants by the Entirities (TBE) 1. Reserved for husband and wife 2. 5th unity- person
Concurrent Estates - Severance - JT becomes Tenancy in Common (TIC) 1. Conveyance Inter Vivos 2. Death of one of two remaining JTs 3. Mortgage under title theory 4. Final partition action
Concurrent Estates - Tenancy In Common 1. Unity of Possession Only
License A revocable personal privilege to enter the servient tenement of the licensor without liability for trespass.
Easements A non-possessory interest in the use of land of another Easements In Gross: 1. No dominant tenement 2. Do not run with the land Easements Appurtenant: 1. 2 parcels – Benefitted- dominant Burdened- servient 2. Do run with the land
Easements - Creation 1. Expressly in writing- grantor to grantee 2. Necessity- landlocked, but allow judge to decide 3. Implication- reflect practices and customs of property 4. Prescription- adversely possessed (no exclusivity)
Easement - Termination 1. Written release 2. End of necessity 3. Abandonment – Requires intent & physical act 4. Merger – unity of ownership
Covenant A contract in which the covenantor makes a promise to a covenantee to do or not do some action tied to the use of land. A covenant running with the land, imposes duties or restrictions upon the use of that land regardless of the owner.
Four Types of Tenancy Tenancy for Years- fixed term Periodic Tenancy- no ending date Tenancy at Will- indefinite Tenancy at Sufferance- holdover tenant
Delivery of Possession- English Rule vs. American Rule LL has a duty to deliver possession at the lease inception (American view contra: T only has a cause of T2 action against holdover T1).
Subjacent and Lateral Support Landowner is strictly liable if his excavation causes unimproved adjacent land to subside.
Adverse Possession 1. Physical element a) actual and exclusive (cannot be shared) b) open and notorious 2. Mental element – adverse and hostile (cannot be permissive) 3. For the statutory period
Statute of Frauds •Marriage •Year (1) •Land 28 •Executor •Guarantee •Sale of goods ($500+)
Deeds - Valid Delivery 1. Proper execution 2. Intent
Equitable Conversion Common law (majority) Risk of loss for casualty is placed on buyer during executory period. The buyer is the equitable owner of land, whereas seller, holder of legal title, is the equitable owner of right to full purchase price. Shifts the burden and the benefits to purcha
Uniform Vendor & Purchaser’s Risk Act Risk of loss is on buyer only if he has legal title or possession of the property.
Marketable Title Every contract for the sale of land contains an implied warranty of marketable title. Encumbrances 1. Mortgage 2. Lien 3. Easement 4. Equitable servitude 5. Zoning violation 6. Future interest
Bona Fide Purchaser (BFP) 1. Pays value (purchaser, mortgagee, judgment creditor) 2. Takes in good faith” and 3. Takes without notice (key MBE element)
Recording Statutes Race – 1st to record wins Notice – last BFP wins Race – Notice – 1st BFP to record wins
“An unrecorded conveyance or other instrument is invalid as against... ...a subsequent bona fide purchaser (creditor or mortgagee) for value and without notice
Mortgage Mortgage – an interest in land created in writing providing security for the performance of a duty or the payment of a debt.
Foreclosure Foreclosure – the method by which the security is applied to satisfy the debt.
Deficiency Judgment Deficiency Judgment – allowed where the proceeds of the foreclosure sale are insufficient to satisfy the debt.
Mortgagee – 2 causes of action 1) “in personam” on the debt 2) “in rem” on the security
Mortgage - Rights of a Grantee A grantee who “assumes” a mortgage is personally liable. A grantee who takes “subject to” the mortgage is not personally liable.
Subject To The Mortgage Presumption Where the deed makes no reference to the mortgage, it is presumed the grantee takes “subject to” and is not personally liable.
Purchase Money Mortgage A purchase money mortgage takes priority over other prior mortgages, regardless of recording statutes. The purchase money mortgage itself, however, must be recorded.
Exoneration The right of a surety to compel the mortgagee to proceed first against the person or property primarily liable.
Created by: shigal