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