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Property (Real Estate Contracts (Marketable Title (Free from doubt in both…

- - - - signed writing
        
        Description of Prop.
        
        Description of Parties
        
        Price
        
        Any conditions of price or payment agreed upon
  - - - No defects in chain of title
      - No encumberances
      - No encroachment
      - Zoning excluded
  - - - expectation
      - foreseeable consequential
      - reasonable reliance
      - downpayment
      - liquidated
- - - - Affirmative
        
        Appurtenant
        
        dominant/servient tenement
        
        In gross
        
        personal nature, resulting in servient but not dominant estate
        
        gives holder right to do something on land of another
      - Negative
        
        right to prevent landowner from doing something on land
        
        writing required
    - - Time period
      - Holder of dominant estate releases interest
      - Dominant and servient estate in common interest
      - Abandonment
      - Estoppel
      - Prescription
      - Eminent Domain
  - - - Court enforcement
      - plaintiff must prove elements
  - - - health
      - safety
      - welfare
- - - - No title defect in chain of title
    - - no title defect during ownership of property, but not all defects prior
        
        Come with Covenants
        
        Seisin
        
        Right to Convey
        
        Against Encumbrances
        
        Future covenants
        
        Quiet Enjoyment
        
        Warranty
        
        Further Assurances
    - - no warrants
    - - Donative Intent
      - Delivery
      - Acceptance
      - Immediate transfer
    - - Order of Superiority
        
        Natural Monuments
        
        Artificial Monuments
        
        Courses and angles
        
        Distances
        
        Name and Quantity
  - - - Race
        
        First in time
      - Notice
        
        unrecorded conveyance invalid against bona fide purchase
      - Race-notice
        
        combination
- - - - Title Theory
      - Lien Theory
      - Intermediate Theory
      - Mortagor may not commit waste
        
        Fail to pay taxes/govt. assessments
        
        physical changes to prop.
        
        failure to maintain/repair
        
        fail to comply w/ covenants
        
        Retain rent
      - "Assuming an existing Mortgage"
        
        Mortgage is transferred from mortgagor to grantee
        
        Grantee assumes mortgage via agreement and must pay off grantor's debt to mortgagee
        
        Absent later modification agreement b/w grantee and mortgagee that removes mortgagor/grantor from dispute, mortgagor/grantor remains on hook for default
        
        When default occurs
        
        Foreclose on real prop
        
        Sue grantee on debt as grantee is primarily liable
        
        sue mortgagor/grantor on debt as secondary liable
      - "Subject to Existing mortgage"
        
        preexisting mortgage on property that is transferred from mortgagor/grantor to grantee
        
        But grantee does not sign an assumption agreement and so does not assume existing mortgage, but takes property "subject to mortgage"
        
        Mortgagor/grantor remains on the hook
- - - - Fee Simple Absolute
        
        To A
        
        To A and her heirs
      - Fee Tail
        
        To A and the heirs of her body
      - Fee Simple Determinable
        
        To A for so long as; during; while; until
      - Fee Simple Subject to Condition Subsequent
        
        To A provide; however; but if; on condition that
      - Fee Simple Subject to Executory Interest
        
        To A (same as condition subsequent)
      - Life Estate
        
        To A for life
        
        To A for life of B
        
        Can be made defeasible
        
        Life estate holder must:
        
        Not Waste
        
        Repair/Maintain
        
        Pay Mortgage Interest
        
        Pay all ordinary taxes
        
        pay full cost of special assessment
    - - Interests not subject to RAP
        
        Present Possessory
        
        Charitable Trusts
        
        Resulting Trusts
        
        Fully vested interests at creation
      - Subject to RAP
        
        Options to Purchase land
        
        Powers of Apt.
        
        Rights of First Refusal
        
        Interest not fully vested at creation
        
        Remainders subject to open
        
        Contingent Remainders
        
        Executory Interests
        
        Identify the life/lives in being
        
        Vest/fail w/in 21 years of life or lives in being
    - - Tenancy in Common
        
        Each co-tenant has undivided interest
        
        Transfer: inter vivos
        
        May devise interest
        
        Interest can descend by intestacy
      - Joint Tenancy
        
        Each co-tenant has undivided interest in whole
        
        Four unities required
        
        Unity of Time
        
        Unity of Title
        
        Unity of Interest
        
        Unity of Possession
        
        Survivorship
      - Tenancy by Entirety
        
        Only married couples
        
        Undivided interest in whole
        
        survivorship
  - - - Term of Years
        
        Definite beginning/end
        
        No notice to terminate
      - Periodic
        
        set beginning and continues from period to period
        
        Notice to terminate
        
        one full period
      - At will
        
        No fixed duration
        
        Terminates if either party dies; waste; tenant attempts to assign interest; landlord transfers interest
        
        Usually 30 day notice
      - Tenancy at Sufferance/Holdover Tenancy
        
        Tenant remains in possession of leased premises after end of lease term
        
        Landlord can recover possession/ receive reasonable rental value
    - - Tenant
        
        Pay Rent
        
        No Waste
        
        Repair
        
        Failure
        
        Eviction/recover damages/acceleration
      - Landlord
        
        Deliver legal right to possession
        
        Water and heat
        
        Duties in lease document
        
        Quiet enjoyment
        
        Implied Warranty of habitability
        
        Failure
        
        Money Damages/Lease termination/withhold rent
    - - Tenant transfers rights to third person
        
        Landlord may recover from assignee
    - - Third party agreement
        
        Not in privity of estate w/ landlord
        
        Landlord only recovers from tenant