Property Flashcards
(36 cards)
Property Issues
(1) Conveyancing
(2) Landlord tenant.
(3) Concurrent estate.
(4) Covenants and servitudes.
Adverse Possession
(1) open and notorious,
(2) actual and exclusive,
(3) hostile, and
(4) continuous for the statutory period.
Estates in Land
(1) Fee Simple
(2) Life Estate
(3) Remainder
(4) Fee Simple Determination or Subject to Condition Subsequent
(5) Merger
(6) Class Gifts
(7) RAP
(8) Concurrent Estates
Fee Simple
O to A, or O to A and his heirs
Life Estate
Lasts for the duration of one or more lives.
Remainder
Future interest created in a transferee that is capable of becoming a present interest when the other one terminates
Vested Remainder
No conditions
Contingent Remainder
Remainder must first fulfill a condition
To John, if he attains the age of 21.
Fee Simple Determinable
Automatically terminates on the happening of a stated event and goes back to the grantor.
To A, “SO LONG AS” property is used as a …;
Executory Interest
If a FSD or FSSCS is followed by estate to 3rd party, the 3rd party interest is an executory interest..
Fee Simple Subject to Condition Subsequent
Estate where grantor retains power to terminate the estate of the grantee upon the happening of a specific event.
To A, “but if the property ceases to be used as a …”;
Merger
If same person acquires the present and all future estates (e.g., life estate and remainder), they merge into fee title.
Class Gifts
Gifts to defined groups.
Rule of Perpetuities
A future interest must vest, if at all, within the lives in being plus 21 years.
RAP application
(1) Contingent remainders,
(2) executory interests,
(3) class gifts,
(4) options and rights of first refusal, and
(5) powers of appointment.
Concurrent Estates
(1) Joint tenancy
(2) Tenancy in Common
Joint Tenancy
JTs MUST take their interest
(1) TIME
(2) TITLE (doc)
(3) IDENTICAL EQUAL interest (same type and duration of interest), and
(4) identical right to POSSESS in whole.
Includes Right of Survivorship
Tenancy in Common
Two or more people own with no right to survivorship
Severance of Joint Tenancy by Mortgage
Majority:
- Mortgage does not sever JT, Lender loses upon death
Minority:
- Mortgagee severs, become tenants in common
Rights and Liabilities of Cotenants
(1) Possess
(2) Profit from use
(3) Pro-rata rent
(4) Necessary repairs
(5) No reimbursement for improvements
(6) Taxes & Mortgage
Covenants
Binding promise regarding use of the land
Will ONLY bind successor if “runs with land”
Remedy: Damages. If equitable remedy, P needs to show equitable servitude.
Equitable Servitude
Covenant that, regardless of whether it runs with land, equity will enforce with injunction or specific performance against those who have notice
Defense: Changed neighborhood conditions
Implied Negative Reciprocal Servitude
No writing needed.
Prohibits certain uses, implied from common scheme of development and NOTICE of negative covenant.
Burden of Covenant Running With Land
(1) WRITING
(2) an INTENT
(3) NOTICE (actual, constructive, or inquiry),
(4) HORIZONTAL privity [shared interest independent of the covenant]
(5) VERTICAL privity [must assign entire durational period]
(6) TOUCH & CONCERN
