Real Property

Present Possessory Interests

Life Estate

Fee Simple Determinable

Fee Tail

Fee Simple Subject to Executory Interest

Fee Simple Absolute

Fee Simple Subject to Condition Subsequent

Remainders

Once you determine what the present possessory interest is, it is followed by a remainder you must determine what kind.

Vested Subject to Total Divestment

Contingent Remainder Subject to Condition Precedent

Vested Subject To Open

Contingent Remainder for Unborn or Unascertained Persons

Indefeasibly vested

Mortgages = A security interest in a property in exchange for a loan

Foreclosures

When person defaults on a loan, the debt accelerates, then person owes full balance right then. Balance becomes due

Lien Theory Jurisdicition

Bank holds only a security interest in the real property until foreclusure. Person remains in possession right up until foreclosure.

Title Theory Jurisdiction

Bank holds legal title to the property as of the date it is granted a mortgage. Bank is entitled to possession upon demand at any time after default.

Right of Redemption

Borrow has a right to retain or get back the property by paying off the amount of the loan.

Recording Acts

Arise in situations where there is a dispute in ownership between 2 parties

Race Jurisdicitions

Notice Jurisdictions

Race-Notice Jurisdiction

Easements

A non-revocable right to use the land of another. Does not own the land only has the right to use the land.

Easement Appurtenant = run with the land.

Servient Estate

Dominant Estate

Easement in Gross

Licenses and Profits

Profits

Licenses

Affirmative Easement

Negative Easement

Express Easement

Easement by Prescription

Easement by Prior Use

Easement by Necessity

Covenant

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No possible future interest. Entire interest goes to the present holder with no restrictions.

Followed by a possibility of reverter. Upon the occurrence of a future event, the property will automatically revert to the grantor.

Gives a third party rights to the property - someone other than Grantor.

Follows right of reentry. Nothing happens automatically, when the future event happens, the grantor has the right to terminate the grant and take back property.

Can be followed by a Remainder or a Reversion. Acts to restrict the holder of the PPI and limit them to pass property only to their descendants.

Gives property to someone for the length of their life. Followed by either a remainder or a reversion

Shifting = automatically shifts the interest to a 3rd party upon the happening of a future event.

Springing = Provides the interest reverts to the grantor, but then springs to a 3rd party

Becomes possessory immediately upon termination of the prior estate. "to A for life, then to B"

Remainder vested in a described class of takers, at least one of whom is capable of taking possession i.e. "to A for life, remainder to children of B and their heirs"

subject to some condition subsequent, such that the remainderman could be divested after taking possession.

Remainder's taking is contingent on the occurrence of some event or condition. i.e. "To A for life, then to B and his heirs when B gets married".

A remainder created in favor of unborn or unascertained persons. i.e. "To A for life, then to B's heirs", remainder is contingent on if B has heirs or not.

Person who was the recognized owner was the one who gets to the courtjouse and recorded it first.

A subsequent purchaser wins if they did not have notice of the prior ourchaser at the time of the subsequent purchaer's purchase.

Purchaser 2 only wins if they did not have notice at the time of conveyance and they recorded before purchaser 1.

This is the burdened land or the land the owner of is burdened by the easement.

Benefitted land or the owner of this land benefits from the easement

Servient estate but no dominant estate. The right to use the land is held independent of any land ownership.

Allows the holder of the easement to use the servient estate. Affirmative easements can be created in many ways.

Prevent the owner of the servient estate from using the property in a certain way. Typically negative easements preserve the dominant estate's access to light, air, land, support.

Created: 1. in a writing 2. Signed by the servient estate holder

  1. Satisfies deed formalities

By Grant = when the owner of the dominant estate grants someone else an easement.

By Reservation = when the grantor conveys land to another but reserves or retains the right to continued use of the land for a designated purpose. Grantor can only designate an easement for themselves.

To obtain this, the use of another's land must be: 1. Continous for the statutory period 2. Open and notorious 3. Actual 4. Hostile 5. Does not need to be exclusive.

Based on prior use by a common grantor on land subsequently divided into multiple plots by the common grantor. Requires: 1. Common grantor must have a certain use of the land that exists prior to the division of the single tract 2. common grantor's use of the land is continuous and apparent. 3. Use is reasonably necessary for the enjoyment of the dominant estate. 4. Parties intended that the use would continue after the divison of the land.

Occurs where it is strictly necessary to use the easement to access the property.

Real Covenant

Affirmative Covenant

Restrictive Covenant

Promise to do or refrain from doing something relating to and concerning real property.

Promise to do something related to land.

Promise to refrain from doing something related to the land

Termination

  1. Written release or 2. Merger of the benefitted and burdened estates or 3. Condemnation of the burdened property.