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Real Property (Ownership of Real Property (Co-tenancy (Tenancy in common,…
Real Property
Ownership of Real Property
Present Estates
Future interests
Co-tenancy
Tenancy in common
Joint tenancy
Tenancy by the entirety
landlord tenant
types of leases
term of years
periodic
at will
at sufferance/holdover
duties to landlord
duties to tenant
rule against perpetuities
fair housing/discrimination
Titles
Adverse Possession
Open and notorious
Continuous possession for stat. period
Exclusive
Actual
Non-permissive (hostile)
Undocumented, not recordable
Transfer by deed
General Warranty
no defects in chain of title
Special Warranty
no defects w/ current ownership
Quitclaim
no warrants
Transfer by operation of law and will
Recording acts
recording deed not req. to validate transfer
**
when 2 or more claim the prop
adverse possession is not recordable until title is quieted
Statutes:
Race
Notice
Race-Notice
Shelter rule
Covenants
Present
of Seisin
Right to Convey
Against encumbrances
Future
of quiet enjoyment
of warranty
of further assurances
Rights in Real Property
easements
+/-
appurtenant
req. dominant and servient tenement
gross
personal. servant but NOT dominant estate
Creation
a writing
by implication
by prescription
by estoppel
Transferable
profits
restrictive covenants
promise that attaches to the land
runs with the land
mostly negative
equitable servitude
zoning
restriction on use of land
state possesses power to regulate
Licenses
privilege to do something on another's land
not transferable. no writing or consideration
Mortgages/ Security Devices
mortgages
debtor = mortgagor
lender = mortgagee
Theories
Title theory
Lien theory
intermediate theory
Questions
property encumbered by mortgage?
multiple mortgages on same prop?
Defaulting on mortgage
deeds of trust
debtor = trustor
gives deed to 3rd party trustee
installment land contracts
debtor = purchaser who signs contract with seller
agrees to make reg. payments until full price is paid
Then seller gives deed transfer title to purchaser
no waste
Real Estate Contracts
Brokerage
creation and construction of contracts
marketable title
title that is reasonably free from doubt in fact and law
NOT free from doubt with:
defects
encumbrances
encroachment
zoning violations
Remedies
rescission, money damages, specific performance
duty to disclose defects
implied warranty of quality
remedies for breach of contract to sell real property
Contract in SoF
req. writing signed by party to be charged
description of prop
description of parties
price
conditions of price or payment agreed upon
expectation damages, foreseeable conseq. damages, reasonable reliance, down payment, liquidated D's
Buyer's remedies
expectation D's, reliance D's, restitution of down payment, punitive D's.