Property Flashcards
Valid Conveyance
A valid conveyance requires deed formalities, delivery, and acceptance
Fee Simple Absolute
A FSA is the most common form of property ownership and the broadest ownership interest recognized by law. It is absolute ownership of potentially infinite duration.
Joint Tenancy
A JT exists when two or more persons own property with the right of survivorship. In addition to the right of survivorship, each JT must have an equal right to possess or use the property, each interest must be equal to the other interests, and each interest must have been created at the same time and in the same interest.
TTIP
PITT
Inter vivos conveyance sever JT
An inter vivos conveyance will sever a JT, resulting in a TIC between the transferee and the remaining tenants. However, if there is more than one remaining JT, then the remaining tenants will continue to be JT as between themselves
Adverse Possession
To adversely possess the property, the possession must be hostile, open and notorious, actual and exclusive, and continuous for the statutory period
E C H O
Hostile (Ouster)
The adverse possessor must possess the land without the owner’s permission and objectively demonstrate an intent to claim the land as his own.
In the case of a co-tenant as the adverse possessor, the hostility requirement may be demonstrated by ouster. Ouster occurs when a co-tenant refuses to allow another co-tenant access to the property.
Open and Notorious
Possession must be open and notorious such that a reasonable person upon an inspection would be aware of the possessor’s claim and use of land.
Actual and Exclusive
Actual means the possessor is in actual possession of the property.
Exclusive means that possession cannot be shared with the true owner.
Continuous
The possession must be continuous for the statutory period. An adverse possessor may tack his predecessor’s time on the land in order to meet the statutory period provided there is privity between the successive possessors. There cannot be any gaps in use however seasonal use may be continuous if it is consistent with the type of property that is being possessed.
Statutory period = typically 20 years
Contribution for Taxes Paid
A co-tenant who pays more than his share of necessary property related expenses generally can compel the other co-tenants to contribute based on the ownership interest of each co-tenant. However, a co-tenant in sole possession of the property can collect only to the extent that those expenses exceed the rental value of the property.
Sharing of Rental Fees by Co-Tenants
A co-tenant must account to other co-tenants for rent received from 3Ps, but can deduct expenses, including necessary repairs, when calculating net proceeds. BNet proceeds from a 3P rental of the property are divided among the co-tenants based on the ownership interest of each co-tenant.
Tenancy for Years
A TFY is an estate measured by a fixed and ascertainable amount of time.
The SOF applies to a tenancy for years if it is longer than one year, and will need to be in writing.
Duty to Repair
A LL has a duty to repair under a residential lease, even when the lease attempts to place the burden on the tenant, except for damages caused by the tenant.
Implied Warranty of Habitability
Most residential leases contain an implied warranty of habitability. The LL must maintain the property such that it is reasonably suited for residential use. The LL’s failure to comply with applicable housing code requirements constitutes a breach of this warranty, particularly with regard to violations that substantially threaten the tenant’s life and safety.
If the premises are not habitable, the tenant may choose to 1) refuse to pay rent, 2) remedy the defect and take it out the rent, 3) break the lease and move out.
Generally, the tenant must notify the LL of the problem and give her a reasonable opportunity to correct the problem before withholding rent or remedying the defect.
Covenant of Quiet Enjoyment
Every lease contains an implied covenant of quiet enjoyment, which is breached only when the LL, someone claiming to be the LL, or someone with superior title disrupts the possession of the tenant. Any actions taken by the LL that breach this covenant amount to an actual or constructive eviction of the tenant.
