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Property (Real Estate Contracts: fall within the Statute of Frauds and…

- - - - When a seller satisfies the mortgage or lien at closing with proceeds
      - Encroachment of your improvements onto another's land, or encroachments of another onto your land
      - Encumbrances such as mortgages, liens, easements, leases, and covenenants
      - Zoning and other land use restrictions do not render title unmarketable unless zoning violation occurs
      - Defects in the chain of title, such as adverse possession, defective execution of a deed, or significant variation of the description of the land
    - - money damages
      - specific performance
      - recission
  - - - foreseeable consequential damages
      - reasonable reliance damages
      - expectation damages
      - retaining the down payment
      - liquidated damages
      - Punitive (if willful)
      - in Equity: rescission or specific performance
  - - - reliance damages
      - restitution of the down payment
      - expectation damages
      - Punitive
      - In equity: rescission or specific performance
- - - - How to classify the interest
      - the rights of possession and the rights of the user of itnerest
      - How a particular interest can be created
      - The legal and equitable remedies stemming from that interest
      - Nature and Characteristics of the interests of real property
  - - - Unity of title: joint tenants must take by the same instrument
      - Unity of interest: joint tenants must take equal shares of the same type
      - Unity of time: joint tenants must take at the same time
      - Unity of possession: each joint tenant has the right to possess the whole.
    - - severed: joint tenancy severed if one joint tenant coveys his interest voluntarily or involuntarily (creditor forces sale). Becomes tenancy in common when severance happens.
    - - Transfer: co-tenant may transfer his interest inter vivos
      - Divisibility: co-tenant may devise his interest and the interest can descend by intestacy
      - Possession: Unity of possession - each joint tenant has the right to possess the whole
    - - Right to seek partition of property (voluntarily and involuntarily)
      - Co-tenant who pays mortgage or tax may seek contribution from the other co-tenant
      - Does NOT have a right to seek a contribution or setoff for improvements made to the premises unless the improvements generate increased rents or profits. In that case, costs are recoverable only in a partition suit.
  - - - Periodic: set beginning and continues from period to period, such as month to month, without a set termination date until notice is given. Notice must be at the end of the period. The required notice is measured by the rent payment clause (one full period), but no longer than six months.
      - At will: no fixed duration. Terminates if either party dies; the tenant commits waste; the tenant attempts to assign his interest; the landlord transfers his interest; or the landlord transfers the premises to a third party for a term of years. Most states provide for 30 days' notice.
      - Term of years: definite beginning and end. No notice required to terminate
      - tenancy at sufferance/Holdover tenancy: tenant remains in possession of the leased premises after the end of the lease term. The landlord can recover possession and receive the reasonable rental value for the holdover period.
    - - not commit waste
      - repair
      - pay rent
        
        failure of this duty (or the others) allows the landlord to seek tenant eviction and/or recovery of damages for breach.
        
        If the tenant abandons the premises without intending to return and doesn't pay rent, the landlord may retake the premises, ignore abandonment, and continue to hold the tenant liable for rent and/or reentering/releting the premises.
        
        Retaliatory eviction is prohibited in most states
        
        May seek damages if landlord breaches.
        
        May vacate the premises and terminate lease if tenant has been evicted by landlord, actually or constructively.
        
        Statutes provide remedies for tenants, such as withholding rent or repairing premises and deducting costs from subsequent rent payments.
      - other duties as contract
    - - duties in lease document
      - quiet enjoyment
      - water and heat
      - implied warranty of habitability
      - deliver legal right to possession of premises
      - mitigation of damages
  - - - Interests not subject to RAP
        
        Powers of appointment
        
        Rights of first refusal
        
        Options to purchase land
        
        Interests not fully vested at creation:
        
        Contingent remainders
        
        Executory interests
        
        Remainders subject to open
      - Interests subject to RAP
        
        Resulting trusts
        
        Present possessory estates
        
        Fully vested interests at creation, such as reversionary interests and completely vested remainders
        
        Charitable trusts
- - - - covenant against encumbrances: grantor promises that there are no encumbrances. No third person has a right that diminishes the value or limits the use of the land granted, including:
        
        taxes
        
        leases
        
        mortgage and judgement liens
        
        easements
        
        Water rights
        
        restrictions on use
      - Covenant of seisen: grantor owns and possesses the estate granted. Existence of an encumbrance does not breach the covenant
      - covenant of right to convey: grantor has the right to convey the property. This differs from the covenant of seisin as a trustee may be seised of the fee but barred from conveying the property by the trust document
    - - covenant of warranty: grantor covenants that he will assist in defending title against valid claims and will compensate the grantee for lossess sustained by the assertion of superior title
      - covenant of further assurances: grantor promises to take whatever steps may be required to perfect title defects
      - Covenant of quiet enjoyment: grantor covenants that the grantee will not be disturbed by a superior claim