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MBE Property I

Property - Ownership and Rights in Land

TermDefinition
Ownership and Rights in Land - Coverage Areas -Ownership --Future Interest ---FSD ---FSCS --Joint Tenancy --Partition Proceedings -RIGHTS IN LAND --Licenses --Easements-creation and destruction --Covenants
Checkpoint Items -Co-Tenants --Joint Tenancies -Licenses -Easements -Issues concerning equitable principles
Future Interests -Future Interest in Grantor --POR (auto) --ROR (Duty) --Reversion -Present Possessory Interest --FSA --FSD --FSSCS --FSSEL --Life Estate -Future Interest in Third Party --Executory Interest --Remainder
Rule Against Perpetuities 1)Contingent Remainders 2)Options to Purchase (Fee options) 3)Powers of Appointment 4)Executory Interests 5)Rights of First Refusal
Restraint on Alienation I -A 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.
Restraint on Alienation II ...-Certain restraints are valid including: --A prohibition against partition of property fro a limited time
Restraint on Alienation III ...--The right of first refusal - a sells property to B, A may req' that if B later decides to seek the property she must first give a the opportunity to buy it back.
Concurrent Estates I -JOINT TENANCIES 1)4 unities - time, title, interest, possession 2)Survivorship-Estate passes to the survivor -TENANT BY THE ENTIRITIES (TBE) 1)Reserved for husband and wife 2)5th unity person
Concurrent Estates II -SEVERANCE-JT becomes Tenancy in Common (TIC): 1)Conveyance Inter vivos 2)Death of one of two remaining JT's 3)Mortgage under the title theory 4)Final Partition Action -TENANCY IN COMMON 1)Unity of possession only.
License A revocable personal privilege to enter the servant tenement of the licensor with liability for trespass.
Easements I -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)Does run with the land
Easements II -Creation 1)Expressly in writing-grantor to grantee 2)Necessity-landlocked, but allow jude to decide 3)Implication-reflect practices and customs of property 4)Prescription-adversely possessed (no exclusivity)
Easements III -Termination 1)Written release 2)End of necessity 3)Abandonment-Req intent & physical act 4)Merger-Unity of ownership
Covenant A contract in which the covenanter makes a promise to 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!
Created by: Gkell001