PROPERTY liora

title theory
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Terms in this set (13)
title theory
mortgage severs joint tenancy
lien theory
mortage does NOT sever joint tenancy
tenancy in common
no right of survivorship
an estate where 2 or more co-tenants have =right to possession of entire property
property-what must satisfy statute of frauds
-an equitable servitude (seeking injunctive relief)
-any tenancy in years for over 1 year
-easements lasting more than 1 year (usually satisfies if it said 'granted easmenet')
what remedy is avaialbel to enforce equitable servitude
equitable relief
warranty deed (6 covenets). 1-3 present covenets, 4-6- (three future covenets)
1. seisin-grantor owns property
2. right to convey (grantor has right to convey property)
3. covenent against encumbrances (no mortgages, liens, easments--i
all land sale contracts implied obligation of marketable title
EFFECT OF FORECLOSURE
foreclosure destroys all prior interests before the mortgage got foreclosed, including easmenets.
Easement
An Easmeent Is a non-possessory interest in land that gives the holder the right to use anothers land.
when wanting to do proper mortgage must include all parties, even those with easements, and if mortgage sale concluded then
easement will be wiped out. Failure to include a necesary party results in easement continuing to exist despite forseclosure and sale
Cotenant rights
-a co tenant is entitled to keep any profits acquired thru the use of his own skill and labor on the land
Cotenant has no duty toCotenant is entitled to use the property without any duty to compensate each otherEach cotenant is entitled too share in whatEach co tenant is entitled to share in rent of 3rd partiesCotenants: property taxes and mortgageAll co tenants have to pay their share of property tax and mortgage