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Acquiring Property Flashcards

1
Q

First Possession

A

First person to possess something owns it

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2
Q

Acquisition by Find

A

finder of lost property gets ownership of the thing against the whole world except the true owner

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3
Q

Possession as Labor

A

whoever puts in the work to improve an abandoned thing gets ownership

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4
Q

First Finder v. Second Finder

A

Property to first finder

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5
Q

Ad Coelum on Acquisition

A

Owner of one things automatically owns some related thing

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6
Q

Accession

A

Owners, including first possessors, own closely related package of things

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7
Q

True Owner v. finder

A

True owner

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8
Q

Finder v. Anyone else

A

Finder

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9
Q

Converter 1 v. Converter 2

A

Debate on this

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10
Q

Elements of Adverse Possession

A
  1. Actual
  2. Exclusive
  3. Open and Notorious
  4. Continuous
  5. Hostile
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11
Q

Actual Element

A

Actually enter the land

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12
Q

Exclusive Element

A

Using the land as an owner would; acting as though they have the power to exclude

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13
Q

Open and Notorious Element

A

Not possessing the property in secret or trying to hid that you are adversely possessing the property

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14
Q

Continuous Element

A

Have to live there as a true owner for the statutory period of tine

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15
Q

Hostile Element

A

Contrary to the wishes of true owner; there without permission

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16
Q

Hostile Majority

A

state of mind irrelevant

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17
Q

Hostile Small Minority

A

acting in bad faith

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18
Q

Hostile Larger Minority

A

acting in good faith

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19
Q

Possible Additions to Adverse Possession Element

A
  • Color of Title
  • Good Faith listed separately
  • Peaceful
  • Pay Taxes
  • Enclose or Improve
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20
Q

Theme of Adverse Possession

A

Was the adverse possessor using the land like a true owner

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21
Q

Adverse Possession Statute of Limitations Background Rule

A

Clock starts running when property is converted

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22
Q

Adverse Possession Statute of Limitation Good Faith Purchaser Option 1

A

Clock starts running when owner demands return of property

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23
Q

Adverse Possession Statute of Limitations Good Faith Purchaser Option 2

A

Clock starts running when owner discovers or should have discovered who has the property

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24
Q

Quite Title Action

A

Action brought by someone (usually adverse possessor) to have court declare ownership of property

  • everyone who has a claim must come forward or lose their claim
25
Timeline of Real Estate Transactions
- Pre contract - Contract - Closing - Recording - Post Transaction
26
Pre Contract
Negotiation, offer and acceptance
27
Contract stage of real estate transactions
- Enforceable contract, seller in possession with legal title, buyer has beneficial title - Buyer acquires financing mortgage - Buyer inspects property - Buyer conducts title search to ensure marketable title
28
Closing
- Seller executes deed to buyer - Buyer/mortgagor pay seller - Buyer signs mortgage note
29
Post Transaction
Buyer makes monthly mortgage payments
30
Deed
Formal signed written document that transfers real property to someone else
31
Only way to transfer real property
Deed
32
Merger by Deed
After deed is handed over, buyer only has three remedies based on kind of deed, contract is merged
33
Kinds of Deeds
- General Warranty Deed - Quitclaim Deed - Special Warranty Deed
34
General Warranty Deed
- Seller guarantees title against defects - Promises to compensate if someone else has a valid claim, and defend against third party claims in court
35
Quitclaim Deed
- Seller transfers seller's interests but no guarantee about what they are - Buyer has no remedy if someone else has a valid claim (except seller's intentional fraud
36
Special Warranty Deed
Seller guarantees against defects in title arising from seller's own actions (prior sale of portion of described lot) but not those of others (prior owner sold portion of described lot)
37
Equitable Conversion
During contract phase of real estate transaction between signing contract and closing seller retains legal title, buyer gets equitable title
38
Equitable Title
Buyer stuck with costs but gets benefits of anything that happens related to property before closing
39
Installment Land Contract
Mortgage alternative where buyer pays seller in installments
40
Nemo Dat
you can't sell what you don't own
41
Nemo Dat with Good Faith Purchasers
People who obtain title to goods by fraud get voidable title that can be transferred as full title to a good faith purchaser for value
42
Title Search
- Look up chain of title in grantee index starting with current grantor and going backward - repeat in grantor index going forward from original grantor
43
Types of Recording Acts
- Race - Notice - Race-Notice
44
Race
- First to record wins - statutory language: first to record
45
Notice
- Good faith purchaser for value gets ownership unless they had notice of previous transaction, recording counts as notice - Statutory language: without notice or in good faith
46
Actual Notice
they actually know
47
Constructive Notice
they could have figured it out if they looked
48
Race-Notice
- Good faith purchaser for value gets ownership if they (1) didn't have notice and (2) are the first to record - Statutory Language: without notice or in good faith + who shall first record
49
Recording acts generally protect
good faith purchasers for value from duplicative grants
50
Recording Evidentiary Effect
Recording is evidence of ownership
51
Can you own things without recording them
Yes, even in adverse possession
52
Mortgage
A security interest (lien) in real property in exchange for a loan
53
Mortgagor
- borrower, gives security interest and receives loan - if default, mortgagee can foreclose
54
Equity of Redemption
Right of mortgagor to pay remaining balance within set period of time (up to a year)
55
Foreclosure Sale
Any income above remaining balance goes to mortgagor and mortgagee has a duty to obtain a fair price
56
Mortgagee
Lender, gets security interest and gives loan
57
Note
document governing mortgage
58
Fiduciary Duties
A legal duty to act in the best interest of another

Property (4 decks)

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