Property Flashcards
Tenants by the entirety
When property is conveyed to a Husband and Wife during their marriage, it is presumed to be a tenancy by the entirety.
What are the unities of tenancy by the entirety?
Time, title, Interest, possession, and marriage
Conveyance of a tenancy by the entirety?
Neither spouse can convey the property without jointer of the spouse
Joint tenants with right of survivorship
Joint tenants with right of survivorship requires express language of survivorship.
What are the unities of JTROS?
Time, title, Interest, possession
What severs Joint tenancy with right of survivorship?
Anything other than death! Except mortgages because Florida is a lien theory state.
Tenancy in common
A conveyance to two or more people without express words of survivorship is presumed in Florida to be a tenancy in common.
Unities of tenancy in common?
Only unity is possession and interest is freely conveyable
Conveyance of interest in JTROS?
Interest is freely conveyable but once you do it, you sever joint tenancy and the new individual now has a tenancy in common with the remaining Joint tenants.
Requirements of a land Sale contract
Must be:
① in writing
② Identify the party to be charged
③ Essential terms (identify grantor/grantee, land, and price)
④ Conditions, if any.
Equitable conversion
Under the doctrine of equitable conversion, the buyer of property in a contract is the owner for all purposes.
Marketable title
The seller of property has an implied contractual duty to deliver title reasonably free of litigation risks.
When can marketable title be breached?
Only at closing!
Elements of a valid deed
Must be:
① in writing;
② signed by the grantor;
③ identify the grantor and grantee;
④ identify the land;
⑤ Florida requires two witnesses.
What is required for a deed to be transferred?
1) Present intent by the grantor;
2) Valid deed;
3) Delivery.
Does conveyance of property by a deed need to be recorded?
No! You just need intent, valid deed, and delivery.
Warranty deeds - how many types? How many covenants are promised?
Two types and both promise 6 covenants
What are the covenants in a warranty deed?
① Covenant of seisen: Grantor promises they own the property
② Covenant of right to convey
③ Covenant against encumbrances: Grantor promises there are no undisclosed third parties.
④ Covenant of quiet enjoyment: Grantor promises there is no one with superior title
⑤ Covenant of warranty: Grantor promises to pay to defend Grantee
⑥ Covenant of further assurances: Grantor promises to do anything to perfect the deed of any mistakes.
Differences between covenants
Covenants of seisen, right to convey and against encumbrances are present covenants which means they can only be breached at the time of delivery of the deed.
Covenants of quiet enjoyment, warranty, and further assurances are future covenants and can only be breached once, and if, the grantee is dispossessed of the land.
General warranty deed vs. Special warranty deed
General warranty deed is promising there have been no title defects going back in time.
Special warranty deed is promising there have been no title defects since they have owned the property.
Quit claim deed
No covenants. You can only sue for fraud—but not on the deed because it promised nothing.
Recording statute
The last bone fide purchaser for value without notice takes free of prior unrecorded interests.
3 types of Notice
① actual: you were told;
② constructive: it was recorded;
③ inquiry: you could have taken reasonable steps to find out who owned the property
Mortgage
An interest in property that serves as a security for debt.
