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Property - Coggle Diagram

- - - - Description of the parties
      - Price
      - Description of the property
      - Any conditions of price or payment agreed upon
- - - - when the dominate and servant estates come into common ownership
      - Abandonment
      - when the holder of the dominant estate releases his interest to the holder of the servant estate
      - Estoppel
      - End of time period
      - Prescription
      - When a governmental body acquires the servant estate through an exercise of the eminent domain power
  - - - Writing and consideration are not requires
      - not treanferable unless licensor intends them to be
      - expire on the death of the lisencor or conveyance of the servant estate
  - - - may be challenged under Due Process and Equal Protection Clauses
- - - - Notice statute
        
        an unrecorded conveyance is invalid against a subsequent bona fide purchaser or value and without notice
        
        claimant must prove:
        
        They were a bona fide purchaser for value
        
        They took the property without actual, constructive, or inquiry notice
        
        They took subsequent in time to another person claiming
      - race-notice statute
        
        An unrecorded conveyance is invalid against a subsequent bona fide purchaser for value who takes without notice and records first.
        
        claimant must prove:
        
        They were a bona fide purchaser for value
        
        they took the property without actual, constructive, or inquiry notice
        
        they took subsequent in time to another person claiming ownership
        
        the claimant recorded first
      - Race statute
        
        the person who records first prevails
    - - provides protection for a subsequent purchaser who does not satisfy the applicable recording statute. A person who is a successor in interest to a person protected by the recording statute is also protected
  - - - special warranty deed
        
        the grantor warrants that no title defects occurred during his ownership of the property, but does not warrant against title defects that occurred prior to his ownership
      - Quitclaim deed
        
        the grantor provides no warrants. The grantee takes whatever interest the grantor had.
      - general warranty deed
        
        the grantor warrants that no title defects exist in the chain of title
- - - - To A
      - To A and their heirs
    - - To A and the heirs of their body
        
        Possible future interest: same as life estate
    - - To A for so long as; during; while; until
        
        Possible future interest: Possibility of reverter
        
        Created in grantor
    - - To A provided; however; however if; but if; on condition that; or in the event that
        
        Possible future interest: Right of Entry or Power of Termination
        
        Does not automatically terminate the estate; "O may reenter and terminate/retake A's estate"
    - - To A provided; however; however if; but if; on condition that; or in the event that
        
        Possible future interest: shifting/springing executory interest (Power of termination)
        
        Automatically terminate the estate
    - - To A for life
        
        Possible future interest: Reversion/ Remainder (Contingent or vested)
      - To A for life of B
        
        Possible future interest: Reversion/ Remainder (Contingent or vested)
  - - - Tenancy in common
        
        Each co-tenanct owns an undivided interest in the whole with no right of survivorship. Presumed from co-ownership
      - Joint tenancy
        
        Each co-tenant owns an undivided interest in the whole and has a right of survivorship
      - Right of survivorship
        
        At the death of one joint tenant, the interest of the surviving joint tenant absorbs the interstof the deceased joint tenant. Only the last surviving joint tenant has an interest that is devisible
      - 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 a right of survivorship
  - - - Four types of leases
        
        periodic
        
        at will
        
        Term of years
        
        tenancy at sufferance/holdover tenancy
    - - Not commit waste
      - Repair
      - Pay rent
      - Other duties as contracted
    - - Water and heat
      - Quiet environment
      - Deliver legal right to possession of premises
      - Implied warranty of habitability
  - - - Identify whether or not the interest is subject to RAP
        
        Interests not subject to RAP:
        
        Charitable trusts
        
        Resulting trusts
        
        Present possessory estates
        
        Fully vested interests at creation, such as reversionary interests and completely vested remainders
        
        Interests 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
      - Identify the life 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
- - - - lien theory
        
        Mortgagee receives a lien and the mortgagor retains legal and equitable title and possession to the mortgaged property unless and until foreclosure occurs. This is the majority rule
      - Intermediate theory
        
        Mortgagor retains legal title until default occurs. After default, legal title and possession pass to the mortgagee. Limited number of states have adopted
      - title theory
        
        mortgagee receives legal title to the mortgaged real property and has the right to take possession. The title is subject to a condition subsequent that divests title if the mortgagor repays the loan by the due date. Until then, the mortgagor retains only an equitable interest. This is the minority rule
    - - Fails to maintain and repair the property in a reasonable manner, except for repair of casualty or acts of third parties not the fault of the mortgagor
      - Failts to comply materially with mortgage covenants respecting the physical care, maintenance, contraction, demolition, or insurance against casualty or the property
      - makes physical changes to property that reduce its value
      - Fails to comply materially with mortgage covenants respecting the physical care, maintenance, construction, demolition, or insurance against casualty of the property or improvements on it
      - fails to pay taxes or governmental assessments
      - retains rents to which the mortgage has a right of possession