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PROPERTY (Ownership of Real Property (landlord-tenant law: tenant gets…

- - - - life estate: anulable if estate holder breaches duties like: waste: pay mortgage, taxes, repair and maintain, and pay full cost of assessment
  - - - joint tenancy requires 4 units: unit of time (take at the same time); unity of title (take by same instrument); unity of interests (must take equal interest); unity of possession (must take equal shares of the same type)
      - Right of survivorship: if a joint tenant dies the surviving one absorbs the deceased co-tenant's interest. The last surviving co-tent has the divisible interest.
      - severed: a co-tenant can convey co-tenant's interest and a tenancy in common results.
  - - - term of years (definitive)
      - periodic (continuous from period to period)
      - at will (no fixed duration. terminates with dead, waste, landlord transfers of interest, or landlord transfers landlord's interest to a third party)
      - at sufferance/holdover: kandlor can recover the possessionn
      - sub-leases: tenant transfers less than half of tenant's rights to a third person.
    - - tenant must pay rent and not commit waste, repair, and comply with other duties contracted
      - landlord must deliver legal right of possession to premises; water and heat; duties in lease document; quiet enjoyment; implied warranty of habitability
  - - - not subject to RAP: present possessory estates; charitable trusts; resulting trusts; fully vested interests at creation
      - Interest subject to RAP: option to purchase land; powers of appointment, rights of first refusal; interests not fully vested at creation (remainders subject to open, contingent remainders, executory interests); identify the lives in being, express or implied, determine if the life in being vest or fails to vest within 21 years of the life in being.
- - - - special warranty deed: grantor warrants that no title defects happened during ownership of the property but not before
        
        present covenant: broken only at time of conveyance and grantee can only make a claim during limited time. Don't usually run with the land.
        
        covenant of seisin: grantor owns and possesse the estate granted.
        
        covenant right to convey: grantor has right to convey the property
        
        covenant against encumbrances: no third person's right diminishes the value of the land granted and doe not limits the use either.
        
        future covenant: do run with the land and may be broken after time of conveyance
        
        future covenants
        
        covenant of quiet enjoyment: grant covenants that the grantee will will not be disturbed by a superior claim.
        
        covenant of warranty: grantor will assists in defending title against valid claims and will compensate grantee for losses sustained by assertion of superior title.
        
        covenant of further assurance: grantor promises to take the steps required to perfect title defects
        
        conveyance of real property by deeds: a presumption of delivery exists and arises if the deed is found in grantee's possession; properly executed and recorded; or the deed contains an attestation clause
        
        recording: is not required to validate a transfer title. Recording is important when two or more parties claim that the owner has conveyed or mortgaged their property.
        
        recording statutes
        
        race
        
        notice: claimant must took subsequent to another individual claiming ownership; claimant was bona fide purchaser for value; claimant took the property without actual, constructive, or inquiry notice. Constructive notice: other party's deed is recorded in the proper chain of title. inquiry notice: appearance of property should have trigger claimant to ask more questions. Quitclaim deed - inquiry notice.
        
        race-notice: unrecorded conveyance invalid against subsequent bona fide purchaser without notice and records. Subsequent purchaser is protected by the SHELTER Rule; a person successor in interest to a person protected by the recording statute is also protected.
        
        superiority relies on natural deed descriptions: natural monuments; artificial monuments; courses and angles; distances; name and quantity.
      - quitclaim deed: grantor provides no warrants. Grantee takes the interest that grantor had.