Bar Prep- Property
Order by
45 terms
Terms | Definitions |
|---|---|
 Fee Simple Absolute | Duration: Absolute ownership, potentially infinite Language: To A; To A and his heirs Transfer: Devisable, descendible, alienable Future Interest: None |
| Defeasible Fees: | Fee Simple Determinable; Fee Simple subject to condition subsequent; Fee Simple subject to executor limitiation |
| Fee Simple Determinable | Duration: Potentially indefinite, as long as event does not occur Language: To A, so long as...; To A until....; To A while... Transfer: All 3, subject to condition FutureInterest: POR-Possibility of Reverter for Grantor |
| Fee Simple Subject to Condiditon subsequent | Duration: Potnetially Infinite, so long as condition is not breached and holder of right of entry chooses not to exercise Language: To A, but if X event happens, grantor reserves the right to re-enter and retake. Transfer: All 3, subject to condition Future Interest: Right of Reentry/Termination |
| Fee Simple subject to Executory Limitation | Duration: Potentially infinite, so long as stated contingency does not occur Language: To a, but if X event occurs, then to B. Transfer: All 3, subject to condition Future Interest: Executory Interest (Springing/Shifting) |
| Life Estate | Duration: Life of transferee or some other life (por autre vie) Language: To A for life, To A for the life of B. Transfer: all 3 if por autre vie and measuring life alive Future Interest: Reversion if held by Grantor, Remainder if by 3rd party |
| Three types of deed | 1- covenant 2- general warranty deed 3- statutory special warranty deed |
| Quitclaim | Contains no covenants. Grantor not promising that he has title to convey. Bad deed. Grantor did explicitly promis in land contract to give marketable title at closing, but any problems |
| General warranty deed | Best kind of deed. Warrants against all defects in title, including those due to grantor's predecessor's. Contains 6 covenants-3 present covenants and 3 future. |
| covenant of seisin | A present covenant in general warranty deed. Grantor promises he owns title to estate. |
| covenant of right to convey | A present covenant in general warranty deed. No temporary restraints on alienation. Grantor has no diability |
| Covenant against encumberance | A present covenant in general warranty deed. No servitudes or liens on Blackacre. |
| When are present covenants breached | at time of delivery. SOL runs from instant of delivery. |
| Future covenants? | not breached until grantee is disturbed in possession. SOL won't run until that future date |
| Covenant for quiet enjoyment | grantee won't be disturbed in possession by 3Ps lawful claim of title |
| covenant of warranty | Grantor promises to defend grantee against any lawful claims of title asserted by others. |
| covenant for further assurances | grantor promises whatever future acts are reasonably needed to perfect title. |
| Statutory Specialty warranty deed | provided by statute in many states. aka bargain and sale deed. Contains 2 promises that grantor makes only on behalf of himself. |
| 2 promises in specialty warranty deed? | 1. Grantor promises that he hasn't conveyed blackacre to anyone other than grantee 2. Blackacre is free from encumbrances made by the grantor. |
| Recording system | notice, race-notice, race jurisdcitions |
| Bona Fide Purchaser | 1 buys Blackacre for value and 2 without notice that someone else got their first |
| Recording statutes | exist to protect only bona fide purchaser or mortgagee/creditor. Do not protect donee, heirs, or devisees. |
| 2 bright line rules | IF B is a bonafide purchaser, and we are in a notice jurisdiction, B wins, regardless of whether or not she records before A does. IF B is a bona fide purchaser and we are in a race-notice jurisdiction, B wins if she records properly before A. |
| 3 forms of notice | AIR: Actual, Inquiry, Record |
| In notice statutes, how do you win? | The last BFP to enter, wins. Even if B never records. |
| In race-notice statutes? | BFP who wins race to record. |
| shelter rule | transferee takes shelter in the status of her transferor, and thereby steps into shoes of bfp even though she otherwise fails to meet the requirements of BFP status. |
| estoppel by deed | One who conveys realty in which he has no interest, is estopped from denying the validity of the conveyance if he later acquires that previously transferred interest/title. |
| wild deed | If a deed entered on the records has a grantor unconnected to the chain of title, the deed is a wild deed. It is incapable of giving record notice of its existence. |
| mortgage elements | 1. a debt 2. voluntary lien in debtors land to secure debt |
| mortgage | conveyance of a security interest in land, intended by the parties to be collateral for payment of a debt. |
| equitable mortgage | a deed to blackacre that is absolute on its face. |
| contribution for tenant repairs | the repairing co-tenant enjoys a right to contribution for reasonable repairs, provided she has told others of the need. Contribution must be proportionate to ownership interest |
| joint tenancy creation | must take interest by same title, time, identical interest, possession of whole |
| improvements on the land in co tenancy | no right to contribution for improvements, and improver has to bear costs for any drop in value at partition |
| Waste | voluntary (over destruction), permissive (neglect), ameliorative (changes increasing value) |
| 3 duties of tenant | duty to 3Ps-responsible for keeping the premises in reasonably good repair. Liable to injuries by 3Ps the T invited, even where landlord expressly promised to make all repairs. duty to repair- T has duty to repair when the lease is silent; must maintain premises and make ordinary repairs; and must not commit waste; law of fixtures duty to pay rent- |
| Law of fixtures | ... |
| Fixtures | a once movable chattel that, by virtue of its annexation to realty, objectively shows intent to improve land. Ex. heating systems. Express agreement controls. In the abscense of agreement, T may remove fixture that she has installed so long as removal does not cause substantial harm to premises. |
| ways to destroy easement | END CRAMP Estoppel Necessity Destruction Condemnation Release Abandonment Merger Prescription |
| Can a T may end the lease if premises are destroyed w/o Ts fault | Yes. |
| What happens if T breaches duty to pay rent? | Landlords options: Evict through courts, continue relationship and sue for rent owed. If T evicts, still entitled to rent until tenant vacates. If T is not in possession, SIR Surrender Ignore abandonment and hold responsible for unpain rent Re let Maj: L must try to relet. |
| elements of constructive eviction | SING-Substantial Interference, Notice, Goodbye SI- due to actions or failures by L |
| 4 landlord duties | 1.) deliver possession, 2) habitability, 3) quiet enjoyment, 4) retaliatory eviction |
| Implied covenant of quiet enjoyment | T has a right to quiet use and enjoyment of premises without interference from L. |
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