Competing Claimants Flashcards
(26 cards)
Adverse Possession Elements
1- open, visible, notorious
2- actual
3- exclusive
4- hostile under claim of right or title
5- continuous for the statutory period
Constructive adverse possession requires
- color of title
2. actual possession of a significant part of the land
Mistake Boundaries
- Majority (objective)- possession is hostile as long as possessor intends to claim the land
- Minority (subjective)- possess must actually know he has crossed the boundary
Oral Settlements of Boundary Disputes
- enforceable is the parties subsequently accept the line for a long period of time
Tacking in Adverse Possession is allowed…
if there is a transfer of estate from the Adverse possessor to another.
The statute of limitations for adverse possession can be tolled in the following instances
- infancy
- incapacity
- imprisonment
***must be in effect at the time the adverse possessor
SOF requires
1- description of the property
2- description of the parties
3- price
4- any conditions of price or payment
Exception to SOF
Doctrine of Part Performance:
1- payment of all or part of the purchase price
2- actual possession; and
3- substantial improvements
- 4 equitable estoppel
- 5 promissory estoppel
Equitable Conversion
A purchaser becomes equitable owner of title and bears risk of loss at the time of K formation.
***Uniform Vendor & Purchaser Risk Act shifts to seller
Marketable Title
title that is reasonable free from fact or law
- no defects in chain of title
- no encumbrances
- no significant encroachments
- no zoning restrictions
If title is unmarketable what may the purchaser get?
- rescission of the K
- money damages for breach of K
- specific performance with an abatement
Duty to Disclose defects
implied warranty of quality or habitability
A seller of a residential home has a duty to disclose material latent defect known but not readily observable to the buyer
***applies to commercial builders and developers
Seller’s Remedies at Law for Buyers Breach
- expectation damages
- foreseeable consequential damages
- reasonable reliance damages
- retention of a down payment
- liquidated damages
- punitive damages
Seller’s Remedies in equity for Buyers Breach
- rescission of the K
2. specific performance (questionable)
Buyers Remedies At Law for Seller’s Breach of Contract
- expectation damages
- foreseeable consequential damages
- reasonable reliance damages
- restitution of a down payment
- punitive damages
Buyers Remedies in equity for Seller’s Breach of Contract
- rescission of the K
2. specific performance (with abatement)
If the seller dies before the execution of the K…
Legal title passes to the the estate, and estate must honor the K
If the buyer dies before the execution of the K…
the party takes the decedent;s realty but may demand closing to satisfy other leins
When do covenants merge with the dee
at closing
3 Types of Deeds
1- general warranty deed (6 covenants)
2- special warranty deed
3- quitclaim deed
What are the 3 present covenants?
1- covenant of seisin
2- covenant of right to convey
3- covenant against encumbrances
***present covenants are broken at the time of conveyance, but do not run with the land
What are the 3 future covenants?
- covenant of quiet enjoyment- no superior claim
- covenant of warranty- help defend and compensate against claim
- covenant of further assurances-promise perfect title defects
***breached only when grantee is evicted or is forced to buy a paramount claim
What are the remedies for breach of covenant by the grantor?
monetary damages
conveyance of real property by deed requires
1- donative intent
2- deliver; and
3- acceptance (presumed if beneficial)
