Property

Question 1

what must a valid deed contain

Answer 1

– identify grantor and grantee
– describe property
– words of transfer
– signed by grantor

Question 2

types of easements

Answer 2

Express easement = affirmative words of conveyance

Implied easement:

– by prior use =
(i) 2 parcels previously common ownership
(ii) the use of the easement by the dominant estate was continuous and apparent
(iii) the use of the easement was reasonably necessary

– by necessity = 2 parcels previously under common ownership; when subdivided one is landlocked

– by prescription = adverse possession

– by estoppel = one relies on a statement that an easement exists

Question 3

doctrine of equitable conversion

Answer 3

between contract & closing, seller retains legal title (as personal property) and buyer retains equitable title (as real property).

As such, buyer assumes risk of loss in interim (majority)

Question 4

types of deeds

Answer 4

general warranty deed = protects against defects arising at any time

special warranty deed = protects against defects that arose during grantor’s claim to property

quitclaim deed = provides no covenants of title

Question 5

covenants included in a general warranty deed

Answer 5

Present covenants
– Seisin = grantor owns property
– Right to convey = grantor has right to transfer title
– Against encumbrances = no undisclosed encumbrances

Future covenants
– Quiet enjoyment = no one else will come claim title
– Warranty = will defend against third-party claims to title
– Further assurances = will do what’s needed to pass title to grantee

Question 6

what will terminate an easement?

Answer 6

– release
– merger
– severance
– abandonment
– necessity ends
– prescription
– estoppel
– sale to a BFP

Question 7

real covenant

Answer 7

restriction on use of land; remedy is DAMAGES

Requires:
– writing
– intent to run
– touch & concern
– notice (burden only!)
– privity
– vertical
– horizontal (burden only!)

Question 8

equitable servitude

Answer 8

restriction on use of land; remedy is SPECIFIC PERFORMANCE

Requires:
– writing
– intent to be enforceable
– touch & concern
– notice (actual, constructive, inquiry) by the person against whom enforcement is sought

Question 9

implied reciprocal servitude

Answer 9

1 - implied negative restriction from common plan
2 - intent to form reciprocal servitude
3 - notice (actual, constructive, inquiry)

NOTE: remedy is injunction

Question 10

warranty of marketable title

Answer 10

At closing, seller conveys title free from unreasonable risk of litigation

(The warranty of marketable title is implied in all real estate contracts unless otherwise provided.)

Question 11

Fee Simple Interests

Answer 11

fee simple absolute

defeasible fees
— fee simple determinable (possibility of reverter)
— fee simple subject to condition subsequent (right of entry)

life estate (reversion if to grantor; remainder if to someone else)

Question 12

Future Interests of Grantor

Answer 12

• Possibility of reverter (associated with fee simple determinable )
• Right of entry (associated with fee simple subject to condition subsequent)
• Reversion (associated with life estate)

Question 13

Future Interests of Transferees – Remainders

Answer 13

— remainder (future interest becoming possessory at natural termination of prior estate)

— vested future interest if (a) ascertained remainderman and (b) no condition precedent

— Vested as a class gift / vested subject to open (a class of people are supposed to take; at least one member of the class has vested)

Question 14

contingent remainders

Answer 14

the taker is either (a) unascertained or (b) subject to a condition precedent

Question 15

Future Interests of Transferees – Executory interests

Answer 15

springing executory interest = upon happening of a stated condition, divests the grantor

shifting executory interest = upon happening of a stated condition, divests another grantee

Question 16

class gift subject to open

Answer 16

The class remains open and may admit new members until:

(i) at least one class member is entitled to obtain possession of the gift, or

(ii) the preceding interest terminates (such as when the holder of the present life interest dies)