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Property (Concurrent estates (Joint Tenancy: undivided interest in the…
Property
Concurrent estates
Tenancy in Common:
-each has right to possess the whole
-co-tenant may transfer inter vivos
-co-tenant may devise his interest and the interest can descend by intestacy
Joint Tenancy: undivided interest in the whole with right of survivorship
-four unities required: time, title, interest, possession
survivorship=at death of one joint tenant, surviving tenant absorbs interest of deceased, last one standing has devisable interest
tenancy by entireity only married couples, each spouse gets undivided interest in the whole with survivorship
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Easments
created by writing, implication, prescription, or estoppel
affirmative easement may be created by implication, prescription (AP reqs), or estoppel
terminated by: end of time period, released interest, common ownership, abandonment, estoppel, prescription, eminent domain gov poss.
Recording:
race-notice-unrecorded conveyance is invalid against a subsequent bona fide purchaser for value who takes without noice and records first
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Landlord Tenant
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Duties of landlord:
-deliver legal right to poss. of premises
-water and heat
-duties in lease document
-quiet enjoyment
-implied warranty of habitability
Titles:
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3 deeds
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special warranty deed: grantor warrants that no title defects occurred during his ownership of the property but does not warrant against title defects that occurred prior to his ownership
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Real Estate Contracts
all contracts for real property include implied promise to marketable title at closing: marketable=reasonably free from doubt in both fact and law
Title is NOT marketable if:
-defects in chain of title
-encumbrances
-encroachments
-zoning and other land use restrictions do not render title unmarketable unless violation exists