Land Sale Contracts Flashcards
Adequate Land Descriptions
Address
Residence Removal of Fixtures
How much damage will be caused to the real property if the chattel is removed? The more damage, the less likely able to remove
Trade Fixtures Doctrine
Commercial tenant prior to expiration of the lease is entitled to remove all trade fixtures from premises
Race Recording
First to record wins
Notice Recording
Last bona fide purchaser wins (for value w/o notice wins
Race/Notice Recording
Bona fide purchaser who records first wins
Shelter Doctrine
Allows purchaser to step into shoes of person buying from (including recorded title), superseding sellers interest in the property
Adverse Possession
- Open and Notorious: sufficiently apparent to put true owner on notice
- Continuous through Statutory Period: uninterrupted, usually 20yrs–Tacking allowed
- Hostile: no permission from true owner
- Actual & Exclusive: actual occupation w/o sharing with true owner
Lateral and Subjacent Support
Neighbor must not interfere with support which causes Owner’s land to sink:
a. If natural land, strict liability
b. If artificial structure exists, must show negligence (on Neighbors behalf)
Property Taxes, Interest, Principal Payment Duties
A person with a present possessory interest is responsible for making any tax payments or interest payments absent an agreement to the contrary, however, if a future interest holder makes any of these payments she may sue the present guy for reimbursement. While making these payments is not a duty for a future interest holder, they may do so in order to preserve their future interest. Principal payments can be the responsibility of Future Interest holder.
Equitable Conversion Doctrine
Determines who is entitled to the proceeds of a sale where the seller died between the contract signing and closing. The proceeds should go to the person who has the equitable interest
