Real Property
Rights in Real Property
Real Estate Contracts
Mortgages/Security Devices
Titles
Ownership of Real Property
estates and future interest
Co-tenancy/Concurrent estates
landlord-tenant law
Rule against perpetuities
Fair housing/discrimination
life estate
Duty to not adversely affect the future interest (waste):
duty to repair and maintain
duty to pay mortgage interest
duty to pay all ordinary taxes
duty to pay the full cost of special assessments if the life of the public improvement is less than the duration of the line tenant's estate. Equitable apportionment is applied to improvements likely to last longer.
Identify whether or not the interest is subject to RAP
interest not subject to RAP
Present possessory estates
Charitable trusts
resulting trusts
fully vested interests at creation, such as reversionary interests and completely vested remainders
Interest subject to RAP
options to purchase land
powers of appointment
rights of first refusal
interest not fully vested at creation, such as:
remainder subject to open
contingent remainders
executory interest
identify th elife or lives in being, express, or implied
Determine whether the interest will for certain either vest or fail to vest within 21 years of the life or lives in being
exist when two or more persons share an interest. Each is called a co-tenant.
Tenancy in Common
each co-tenant owns an undivided interest in the whole with no right of survivorship. presumed orem of co-ownership.
Possession: unity of possession - each joint tenant has the right to possess the whole.
Transfer: co-tenant may transfer his interest inter vivos
Divisibility: co-tenant may devise his interest and the interest can depend by intestacy.
Joint Tenancy
each co-tenent owns an undivided interest in the whole and has a right of survivorship.
for unities required:
unity of time
unity of title
unity of interest
unity of possession
right of survivorship
tenancy by the entirety
reserved for married couples. presumed in some states if conveyance to a married couple. gives each spouse an undivided interest in the whole and ROS
a lease gives the tenant exclusive possession of the premises for a period of time.
a lease can be created expressly or implied by conduct of the parties
four types of leases
term of years
periodic
at will
tenancy at sufferance/holdover tenancy
Duties of tenant
pay rent
not commit waste
repair
other duties as contracted
duties of landlord
deliver legal right to possession of premises
water and heat
quiet enjoyment
implied warranty of habitability
assignment - occurs when the tenant transfers to a third party all of his right in the leased premises
sublease - occurs when the tenant transfers less than all of his right to a third person.
easements
profits
licesnes
is an interest to use the land of another
affirmative or negative
appurtenant or in gross
affirmative - gives the holder the right to prevent a landowner from doing something on th eland
negative easements - light, air, water, and lateral and subjacent support
writing is always required
appurtenant - required a dominant and servant tenement
in gross - is personal in nature, resulting in a servant but not a dominant estate.
created by writing, by implication, by prescription, or by estoppel
statute of frauds applies to a writing
can be transferred
can be terminated
end of a time period
when the holder of the dominant estate releases his interest to the holder of the servient estate
when the dominant and servient estates come into common ownership
abandonment
by prescription
when a governmental body acquired the servient estate through an exercise of the eminent domain power
is a privilege, usually to do something on someone else's property
writing and consideration not required
not transferable
expire upon death of the licensor or the conveyance of the servient estate
can be revoked
covenant
is a promise that attracted to land
runs with the land
writing, intent, horizontal and vertical privity, touch and concern, and notice
equitable servitude - if a plaintiff can establish all elements of a covenant that runs with the land, the plaintiff seeks equitable reilef.
zoning
taking - occurs when the gov exercises its eminent domain power to take private property
restriction on the use of land
due process and EP clause
5th amendment
14th amendment
SOF
description of the property
description of the parties
price
any conditions of price or payment agreed upon
marketable title
is the title that is reasonably free from doubt in both fact and law.
not reasonably free from doubt if
defects in the chain of title, such as adverse possession, defective execution of a deed, or significant variation of the description of the land
encumbrances such as mortgages, lien, easements, leases, and covenants
encroachment of your improvements onto another's land, or encroachment of another onto your land.
zoning and other land use restrictions do not render title unmarketable unless a zoning violation exists.
merge
real estate contract merge into the deed at closing
duty to disclose
seller has duty to disclose ALL material latent defects known to the seller that are not readily observable or known to the buyer
seller's remedies for buyer breach
expectation damages
foreseeable consequential damages
reasonable reliance damages
retaining the down payment, or liquidated damages
mortgages
deeds of trust
installment land contracts
a debtor is the mortgagor and gives the mortgage to a lender who is the mortgagee
the debtor is the truster. the trsutor gives the deed of trust to a third-party trustee.
the debate is the purchaser who signs a contract with the seller/vendor, agreeing to make regular installment payments until the full contract price is paid.
theories
title theory
lien theory
intermediate theory
a mortgagor is not to commit waste, if without the mortgagee's consent
assuming an existing mortgage
subject to an existing mortgage
multiple mortgages
adverse possession
transfer by deed
transfer by operation of law and by will
recording acts
open and notorious
continuous possession for the statutory period
exclusive
actual
non-permissive (hostile)
time period (by statute)
watch for disabiltiies
general warranty deed
special warranty deed
quitclaim deed
present covenants
covenant of seisin
covenant of right to convey
covenant against encumbrances
further covenants
important when two or more parties claim that the owner has conveyed or mortgaged the property to them
race
notice
race-notice
person who records first wins
the claimant took subsequent in time to another person claiming ownership
the claimant was a bona fide purchaser for value
the claimant took the property without actual, constructive, or inquiry notice
requirements from both are needed