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Real Property - Coggle Diagram
Real Property
Easement and Covenants, other rights
easement - may be created in writing, implication, perscription, or estoppel
affirmative- gives the holder the right to act on the land of other
appurtenant- dominant and servant estates,
negative- gives the holder the right to prevent a landowner from acting on the land, usually in writing
in gross- personal in nature, servant but no dominant estate
license- privilege to act on another's land, no writing or consideration, not transferable, expire on death unless otherwise noted
Zoning- state has the ability to determine the use of land for general health safety welfare
Real covenants - promises that landowners make regarding the use of their land. They can be either affirmative promises to do something with the land or a negative promise not to do something
RC is a promise to do or refrain from something, need a burden to run with the land, WITCHVPN, for benefit to run, WITCV
Horizontal? original parties have some of the same interest in the land independent of the covenant, vertical is the original party and successor
taking- 5th amendment issue, government can take land or prop via eminent domain, look at regulatory takings, Penn Central or Loretto,
Mortgages
lien theory- ME recieves a lien and the MR retains legal and equitable title and possession to the property unless and until foreclosure
intermediate theory- MR retains legal title until default occurs, if then the legal title passes to the ME
security interest in a property in exchange for a loan, mortgagee receives legal title to the property and can take possession
cannot commit waste, must care for property, Bank or Mortgagee can take back if the mortgagor fails to repay loan
Estates/ownership
Landlord Tenant
Leases
periodic, set beginning and continues periodically, notice required
at will, no fixed duration
term of years, definite start and end, no notice to terminate
tenancy at sufferance/holdover, tenant remains in possession of the premise after end of lease term, LL can recover possession and rental value for holdover
landlord duties: deliver legal right to possession, water and heat, quiet enjoyment, habitability, other duties in lease
assignment: tenant transfers all of their rights to a third party, assignee comes into privity with LL or seta, may sue assignee for no rent
sublease: tenant transfers less than all rights to third, no privity no sue for rent
tenant duties- pay rent, no waste, repair, others as contracted
Concurrent/Joint Estates
Tenancy by Entirety: must be married, each has undivided interest in the whole and there is a right of survivorship
Divisbility, co tenants may devise their interest and the interest can go by intestacy, co tenant may transfer their interest inter vivid, each co tenant owns an undivided interest in the whole with no ROS in a TIC
Joint Tenancy: tenants co own and undivided interest in the whole and have a right of survivorship, must have four unities: time, title, interest, possession. the share will also be equal in the way they hold
right of survivorship: once a tenant dies, their interest is absorbed by any surviving tenant, only the surviving tenant has a devisable interest
RAP
interests subject to Rap, options to purchase land, powers of appointment, right of first refusal, not fully vested interest at creation, remainder subject to open, contingent remainders, executory interests
not subject? present poss estates, charitable trusts, resulting, full vested at creation, reversionary and vested remainders
Prevents using legal instruments to exert control over the ownership of private property for a time beyond lives of people living when instrument was written
life estates: can be made defeasible if the holder breaches duties, only holds for life, no successorship, will revert back to original holder, heir of holder, or to a designated beneficiary
Recording
Race: whoever gets it first
notice: unrecorded conveyance is invalid against a subsequent bona fide purchaser for value without notice
race notice: Unrecorded conveyance is invalid against a subsequent bonafide purchaser for value who takes without notice and records first
Shelter rule: 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.
Titles
3 types of deeds, General Warranty, Special Warranty, Warranty: general warrants that no title defects exist in the chain of title, Special warrants that no title defects occurred during ownership alone, Quitclaim provides no warranties
Conveyance by deed requires donative intent, deliver and acceptance, recording a deed is not always required to validate transfer of title
Adverse possession: OCEANN
real estate contracts
SOF: apply and require writing to be signed, must include description of property and parties and any conditions and price or payment to be agreed upon
must include an implied warranty of a marketable title at time of performance
seller has duty to dislike all material, defects know things the buyer cannot observe or does not already know about
Warranties
Present: Sesin, Convey, Encumbrance
Future: Quiet Enjoyment, Warranty, Further Assurances