Property Flashcards
(42 cards)
fee simple determinable
original holder has a potentially perpetual interest in prop but for the condition that automatically brings the interest to an end
look for SO LONG AS!!!
creates a possibility of reverter in the grantor
rule against perpetuities does not apply to
- interests retained by the original grantor
fee simple subject to condition subsequent
look for a semicolon followed by “but if”
not automatically terminated when the condition occurs
grantor retains the power to reenter
executory interest
an interest held by someone other than the grantor
subject to RAP
remainder
leftover interest in the life estate goes to someone other than the original grantor
responsibilities of holders of life estates
1- reasonable upkeep of the property (including payment of taxes)
2- no depletion of natural resources EXCEPT with expression permission in the conveyance of the property or if the land was already being used for this purpose (open mines doctrine)
co-tenants
co-owners of property
- joint tenancies
- tenancy in common
what is the effect of a conveyance by either joint tenant
severs the joint tenancy and results in a tenancy in common
right of partition (who has it and what is it)
- co-owners of a JT or TIC
- co-owner can force a division of the property or force a sale of the property and division of the proceeds
constructive eviction
occurs when the landlord, by action or inaction, substantially interferes withe the tenant’s use and enjoyment of the property
constructive eviction elements
1- substantial interference with property
2- notice to LL
3- LL had a reasonable time to repair
4- if LL doesn’t fix, the tenant MUST vacate the premises
assignment
tenant transfers their entire interest to a third person
what is the tenant’s right to assignment and sublease if the lease is silent on it
the tenant has the right to assign and sublease unless expressly forbidden in the lease
privity of contract
original tenant remains liable on the lease to the LL even after an assignment
privity of estate
assignee is liable to the LL for the period of time the assignee has the right to occupy the property under the assignment
assignee and LL are in privity of estate
who can the LL sue in an assignment
LL can sue either the assignee or tenant (but not both) for the rent
sublease
tenant conveys a portion of her interest to a third person
obligation of the sublessee to the LL
sublessee has no obligation to the LL
sublessee only has obligations to the tenant to abide by the terms of the sublease
for commercial tenants, the periodic tenancy for a hold-over tenant is
- year to year if the original lease was over 1 year
- based on frequency of rental payments if lease was less than 1 year
for residential tenants, the periodic tenancy for a hold-over tenant is
month to month only
sale of property by LL to buyer -> what is privity of contract here
the original LL is liable for all covenants (promises) in the lease to the tenant
sale of property by LL to buyer -> what is privity of estate here
the buyer is liable for all promises that run with the land
promises that run with the land= promises that touch and concern the land
if property subject to an easement is conveyed, the new honor must honor the easement if there was:
notice of the easement
how does a purchaser of land get notice that there is an easement on that property?
- actual notice (easement is in the deed)
- record notice (easement is in a previous, recorded deed)
- inquiry notice (what a buyer would have discovered by visiting the property and asking questions)