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Real Estate Law - Module 7
Real Estate Law - Module 7
Terms in this set (46)
When a party signing a document formally declares to an authorized official (usually a notary public) that he signed voluntarily. The official certifies that the signature is voluntary and genuine.
Having actual knowledge of a fact, as opposed to knowledge imputed or inferred by law.
Anything of value (money, services, goods, promises) given to induce another person to enter into a contract.
Knowledge of a fact imputed to a person by law. A person is held to have constructive notice of a fact because it was a matter of public record, even if the person was not actually aware of it.
An instrument that conveys the grantors interest, if any, in the real property.
A grantor's intent to transfer title immediately and unconditionally.
Having notice of a problem because circumstances should have alerted a person to a problem that needed to be investigated further, even if actual knowledge of a particular fact does not exist.
Ownership in Severalty
Ownership by a single individual as opposed to a co-ownership.
The actual lawful ownership of real property. This is not a document, but rather a concept or theory dealing with ownership.
A co-tenants interest, giving him the right to possession of the whole property rather than a fraction of it.
individuals is any form of ownership in which two or more people share title to a piece of real property.
Gives each co-owner the right to possession of the whole property, not just a fraction of it
Four unities of co-ownership
Unity of Possession
Unity of Interest
Unity of Time
Unity of Title
Tenancy in Common
A form of co-ownership in which two or more persons each have an undivided interest in the entire property, but no right of survivorship.
Is the most common form of co-ownership.
A court sets this up if there is no wording in the deed regarding the intent of the parties.
May own equal shares of different proportions - it does not matter.
Unity of Possession
A key concept in a tenancy in common.
Each co-owner is entitled to possession of the entire property, because the ownership interests are undivided.
Statutory Survivorship Tenancy
A form of co-ownership, each co-tenant has an equal undivided interest in real property and the right of survivorship.
Each joint tenant has an equal undivided interest in the property and the right of survivorship. There is an important difference, however, between the two forms concerning what happens when one co-tenant conveys his interest without the consent of the others.
Goes to his heirs.
Tenants in common do not have the rights of survivorship. If one dies, his interest in the property goes to his heirs.
Murray, Lou, and Ted own a house as tenants in common. When Ted dies, his 25% interest:
Tenancy by the entireties
usual form of co-ownership between married couple, carrying equal interest and the right of survivorship.
Present Donative Intent of the Grantor.
Recording the deed is not required in order to pass title of real property form one owner to another. When the grantor signs the deed that includes donative intent, it means that the grantors intends to transfer title immediately and unconditionally. This is required.
Title to real estate CANNOT pass from grantor to grantee without:
An unbroken chain of documents going back 40 years to the root of title is sufficient to establish proper title
In Ohio, a title abstractor would have to go back ____ to get to the root of title.
When parties agree to the terms of an offer to enter into a contract, thereby creating a binding contract.
When a person transfers her interests under a contract to another
Anything of value (money, services, goods, promises) given to induce another person to enter into a contract
A response to an offer to enter into a contract changing some terms of the original offer. It is a rejection of the original offer (not a form of acceptance) and does not create a binding contract unless the counteroffer is accepted by the original offeror (the counter-offeree).
A sum of money agreed to in advance by parties to a contract (at the time of entering into the contract,) which will serve as compensation in the event of contract breach.
An unexcused failure to perform according to the terms of a contract, important enough that the non-breaching party is not required to perform his contractual obligations.
When a non-breaching party takes action to minimize the losses resulting from a breach of contract.
When one person proposes a contract to another; if the other person accepts the offer, a binding contract is formed.
When a contract is terminated and each party gives back to the other party anything acquired under the contract.
A legal remedy in which a court orders the breaching party of a contract to perform as agreed, rather than simply paying monetary damages
Statute of Frauds
A law that requires certain types of contracts to be in writing and signed in order to be enforceable.
A binding, legally enforceable contract.
It meets items 2, 3, 4 of the legal requirements for the contract formation.
Express Unilateral Contract
V is the only party making a promise, and the inducement is specifically expressed in words.
V posts a flyer around town offering a reqard of $100 for the return of her lost dog. K sees the flyer, finds the dog, calls the number of the flyer. This might be described as an
Express Bilateral Contract
As each party has made a promise: bilateral
Executory since it's in the process of being completed.
Y tells Z I'll pay you $15 to mow my lawn on Saturday. Z says Sure I'll do that. What type of contract do they have?
This contract is for an illegal action
M promises to pay F $10,000 to set M's house on fire so he can collect insurance. F agrees and shake on the deal. This oral contract would be described as:
Requirements of Acceptance
When a party agrees to the terms of an offer to enter into a contract.
4 Basic Requirements:
- May be made only by the offeree
- Must be communicated to the offerror
- Must be made in the manner specified
- Must not vary the terms of the offer
A contract is terminated and each party gives anything acquired under the contract back to the other party.
Termination of a contract without undoing acts performed under the contract.
When a promisor does not perform all of his contractual obligations, but does enough that the promisee is required to fulfill his side of the bargain
Breach of contract important enough to excuse the non-breaching party from performing any contractual obligations.
A party offers to perform his side of a contract
Remedies for Breach of contract
- compensatory damages
- liquidated damages
- specific performance
Damage award, usually monetary, intended to compensate the plaintiff for harm caused by the defendant's actions or failure to act.
When one party to a contract withdraws and a new party is substituted, relieving the withdrawing party of liability.
Tenants in Common
Allows one co-owner to transfer his or her share of the property to others by deed or through will.
Lois and clark are married and decide to buy some investment property together. Lois wants to make sure that if she dies, her daughter from a previous marriage will be able to inherit her interest in the property. How should Lois and Clark take title to the property?
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