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Flashcards in General Deck (24):
1

Two types of Fee Simple Estates

Fee simple absolute
Fee simple Defeasible

2

Two types of Fee Simple Defeasible

1. Fee Simple Determinable (w/ poss of reverter)
If wishes not followed, automatically lose property

2. Fee Simple Subject to a Condition Subsequent
Doesn't automatically revert, Heir must go to court

3

Life Estate - Remainder Interest

Remainderman gets property after the life estate ends

4

Life Estate - Reversionary Interest

If Remainderman not named, property reverts to original owner

5

Life Estate - Pur Autre Vie

Another person is measuring stick

6

Encumbrance

Claim, charge or liability attached to real estate

7

4 types of Easements

1. Appurtenant Easement:
Applies to adjacent properties
Runs with the land

2. Easement in Gross:
Non-adjacent properties
Think Utility company

3. Easement by Necessity:
Property w/o access to road

4. Easement by Prescription:
Use someone elses land for 20 years

8

Ownership in Severalty

Own property by yourself
1 owner

9

4 forms of co-ownership

1. Tenancy in Common:
Ownership may be willed

2. Joint Tenancy
Ownership goes to surviving owners upon death
Turns into 'Tenancy in Common' when non-original owners own

3. Tenancy by Entirety:
Married couples
Transfers to surviving spouse

4. Community Property:

10

People involved in Trustes

1. Trustor (Sal)
2. Trustee (Bill)
3. Beneficiaries (Sal's kids)

11

3 methods of describing real estate

1. Meets and Bounds (Delaware):
Directions and distance

2. Rectangular survey:
Created in 1785
SW 1/4 etc

3. Lot and Block

12

2 Types of Leins

1. General - applies to all possessions
2. Specific - applies to a specific property

13

Delaware Property Tax Dates

July 1 - June 30
Late: Sept 30th

14

Statutory vs. Equitable Liens

Statutory liens are created by failing to comply with a law such as property taxes

Equitable liens are created by court rulings, mortgages,

15

Ad Valorem Tax

Real estate tax
Specific, statutory and involuntary

16

Express vs. Implied Contracts

Express - written or verbal
Implied - Based on Conduct (ex. eating at restaurant)

17

Executed vs. Executory Contracts

Executed - All parties fulfilled obligations (ex. closing day)
Executory - A party still has an act to perform

18

Offeror vs Offeree

Offeror - Buyer
Offeree - Seller

19

Void, voidable and unenforceable contracts

Void - was never a legal contract
Voidable - Appears to be valid on surface (ex. drunk or minor)
Unenforceable - neither party can sue (oral real estate)

20

In vs Voluntary Alienation

Voluntary transfer of title
Involuntary transfer of title such as Sheriff sale

21

People involved with Deed and Mortgage

Deed:
Grantor (Seller) / Grantee (Buyer)

Mortgage:
Mortgagor (Homeowner) / Mortgagee (Bank)

22

Delaware Granting Clause phrase

Grants & Conveys

23

4 types of Deeds

1. General Warranty Deed: Provides most protection
2. Special Warranty Deed: Seller only responsible for their liens (used in Delaware)
3. Bargain & Sale Deed: Implies seller has good title
4. Quitclaim Deed: Least protection

24

Division of Transfer Tax Revenue

State = 50%
County / City = 50%
1st time homebuyers = no state break