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Real Property - Coggle Diagram
Real Property
Ownership of Real Property
Present estates and future interest
Fee tail
Life estate
Fee Simple absolute
Fee simple determinable
fee simple on condition subsequent
Fee simple on executory limitation
Possibility of Reverter
Right of Entry
Reversion
Co-tenancy
Joint Tenancy: Each co-tenant owns an undivided interest in the whole and has a right of survivorship.
Four Unities: Time, title, interest, possession.
Right of Survivorship
Severed: JT is severed if one JT conveys their interest voluntarily or involuntarily. Tenancy in common then results.
Tenancy by the Entirety: Reserved for married couples. Gives each spouse an undivided interest in the whole and a right of survivorship.
Tenancy in Common: Each co-tenant owns an undivided interest in the whole with no right of survivorship. Presumed form of co-ownership
Possession: Unity of possession: each joint tenant has the right to possess the whole.
Transfer: Co-tenant may transfer its own interest inter vivos.
Divisibility: Co-tenant may devise its own interest and the interest can descend by inyestacy.
Landlord-Tenant Law
Rule Against Perpetuities
Must vest before 21 years
Mortgages/Security Devices
Title Theory: Mortgagee receives legal title to the mortgaged real property and has the right to take possession
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.
Intermediate theory: Mortgagor retains legal title until default occurs.
Titles
Adverse possession:
Exclusive
Actual
Continuous possession for the statutory period
Hostile
Open and notorious
General warranty deed
Quitclaim deed
Rights in Real Property
Easement
when the land becomes common ownership
Abandonment
Release of interest
By prescription
Created for specific term
Government acquires the land by eminent domain power.
Covenants: Run with the land.
Real Estates Contracts
Statute of Frauds: Requires a writing signed by the party
Writing must have: Description of property, description of parties, price, any conditions agreed upon.