Property- Essays
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| Fee Simple Absolute | A fee simple absolute is an estate where the grantee receives all possible rights to the land.
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| Fee Simple Determinable | A fee simple determinable is an estate that terminates automatically upon the happening of a named future event.
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| 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.
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| 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.
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| Life estate | is an estate that lasts for the duration of the grantee's life.
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| Life Estate "Pur Autre Vie" | is an estate that lasts for the duration of someone's life other than the grantee.
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| Term Estate | is an estate with a duration of anything less than a life estate.
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| Fee Tail | is a common law freehold estate that descended only to the grantee's children.
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| 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.
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| 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.
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| 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
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| Life tenants may consume natural resources if | 1) for the repair and maintenance of the property or 2) with grantor's permission.
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| 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.
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| A restraint on alienation is | a condition placed on the ownership of real property that restricts free conveyance of that property.
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| A Disabling restraint | is always void
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| Forfeiture restraints & Promissory Restraints are | valid only for life estates and future interests.
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| Tenancy in Common | is where each co-tenant owns an undivided interest in the whole of the property with no right of survivorship.
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| joint Tenancy | where each co-tenant owns an undivided interest in the whole of the property and with right of survivorship.
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| Right of Survivorship | causes the property to pass to the surviving co-tenants if one of the co-tenants dies.
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| A joint tenancy is severed | if one JT conveys his interest voluntarily or involuntarily.
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| 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.
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| Each co-tenant is entitled to possess | the whole of the property
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| wrongful ouster by a co-tenant occurs when | one co-tenant wrongfully excludes another co-tenant from possession of any party of property.
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| 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
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| in Illinois the statutory period for adverse possession is | 20 years
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| Each co-tenant has a right to seek | partition of the property
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| 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.
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| 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.
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| A co-tenant has no right to seek | a contribution or set off for improvements unless they generate increased profits.
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| 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.
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| 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.
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| Marketable Title | Marketable title is titled that is reasonably free from doubt in both fact and law.
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| A purchaser becomes an | equitable owner of title at the time of the execution of a binding contract.
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| 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.
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| 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.
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| 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
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| 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
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| when do covenants in a contract of sale merge into the deed? | only if they are mentioned in the deed.
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| General Warranty Deed | seller warrants that no title defects have occurred during her ownership and there are no defects in the chain of title.
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| Special Warranty Deed | seller warrants that no title defects have occurred during her ownership.
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| Quitclaim Deed | seller does not make any warranties.
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| 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.
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| 3 requirements for an effective transfer of real property by deed | 1) donative intent; 2) delivery; 3) acceptance
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| A lease may be oral if | less than one year
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| A lease must be in writing if | for a term of more than 1 year
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| term of years | definite beginning and end
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| Periodic tenancy | has a set beginning date and continues from period to period without a set termination date.
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| At will lease | has no fixed duration and lasts only so long as landlord and tenant desire.
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| Holdover tenant | one who remains in possession of the premises after the expiration of the lease.
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| In IL, a willful or deliberately wrong holdover subjects the tenant to | double rent penalty.
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| The landlord is responsible for | repairs
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| A tenant may terminate the lease and withhold rent if | the LL breaches the covenant of quiet enjoyment by constructive eviction.
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| 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.
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| implied warranty of habitability guarantees | that the LL will deliver and maintain the premises that are safe, clean and fit for human habitation.
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| A tenant abandons the premises when | she vacates the premises without intent to return and fails to pay rent.
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| 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.
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| Sublease | occurs when the tenant transfers less than all of her rights and interest in the premises to a third person.
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| In Illinois, if a lease requires a LL's consent for a sublease, | the LL cannot unreasonably withhold consent.
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| Fixture | chattel that is so connected to the real property as to be a part of it.
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| Trade fixture | is a chattel that is connected to the land by a tenant to advance her business or trade during her tenancy
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| A mortgage deed must contain | 1) parties’ identity; 2) description of property; and 3) intent to create a security interest.
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| Title theory | mortgagee receives legal title to property, right to possession, and rents & profits.
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| Lien theory (Illinois) | mortgagee receives a lien and mortgagor retains legal & equitable title and possession.
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| Deeds of trust are generally | treated like mortgages
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| Recordation of a deed is not required to | validate the transfer
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| Race Statute | whoever records first has title to the property
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| Notice Statute | the last bona fide purchaser who takes without notice has title
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| Race Notice Statute (illinois) | the last bona fide purchaser who takes without notice and records has title
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| constructive notice | exists where the deed is properly recorded
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| Inquiry notice | exists where the appearance of the property would lead a claimant to question the title
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| profit a prendre | is a right to take something off of the land of another
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| easement may be created in 4 ways | 1) expressly thru a writing; 2) by implication; 3) by prescription; 4) by estoppel
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| Easement | is an interest in the land of another
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| An easement by prescription requires | the elements of adverse possession
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| easement by implied by prior use | 1)severance of land held in common ownership; 2) prior use at time of severance; 3) reasonable necessity
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| easement implied by necessity | 1) severance of land held in common ownership and 2) strict necessity at time of severance
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| an easement is terminated when | dominant and servient estates come into common ownership
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| A covenant that runs with land is a | promise that attaches to land
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| there are 5 elements required for a covenant to run with land | 1) writing; 2) intent; 3) privity; 4) touch and concern; 5) notice
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| 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
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| 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.
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