Property Flashcards
(222 cards)
Fee Simple Absolute
The most complete ownership interest in land, potentially lasting forever. In Ga, the words “and his heirs” are not necessary to create an absolute estate.
Ex. O to A
Life Estate
A property interest that lasts for the life of the holder or another specified person.
- Must not commit waste.
- Can take out a mortgage
- Can transfer to another (but only for A’s life)
- Must make necessary repairs
- Must pay annual taxes
“O to A for life.” (A owns the property only during A’s lifetime, and it reverts to O or O’s heirs upon A’s death.)
Fee Simple Determinable
“O to A so long as the land is used as a park.” (A loses ownership automatically if the land is no longer used as a park.)
F
Fee Simple Subject to Condition Subsequent
a type of defeasible estate where the grantor transfers property to the grantee but attaches a condition that, if violated, gives the grantor the right to re-enter and reclaim the property. Unlike a fee simple determinable (which ends automatically upon the occurrence of a condition), this estate does not automatically end; the grantor must take action to enforce their right of re-entry.
“O to A, but if A ceases to use the land as a school, O may re-enter and reclaim the property.”
Possibility of Reverter
The future interest retained by the grantor is called a possibility of reverter, which takes effect automatically if the condition occurs.
when a property owner transfers land to someone else, but with a condition attached, meaning if that condition is not met, the ownership automatically reverts back to the original owner; for example, if a landowner grants land to a city to build a park “as long as it is used for recreational purposes,” if the city stops using it as a park, the land automatically returns to the original owner due to the “possibility of reverter” clause in the deed.
Does the Court need to intervene in a possibility of reverter?
Unlike a right of entry, where the original owner must take legal action to reclaim the property, a possibility of reverter automatically reverts back to the grantor if the condition is not met.
Right of Entry
this gives the holder a right to enter the property and take possession if a condition subsequent is met.
Tenancy in Common
A form of co-ownership where each co-tenant owns an undivided interest in the property. No right of survivorship.
Joint Tenancy
A form of co-ownership with the right of survivorship. Requires four unities: time, title, interest, and possession.
Georgia requires specific language to create a joint tenancy with right of survivorship; otherwise, the property is presumed to be held as a tenancy in common.
In Ga, a straw man no linger is required to create a joint tenancy. Instead, a sole owner may create a joint tenancy between herself and another person by conveying a joint interest directly to herself and another person.
Adverse Possession
A method of acquiring title to land by possession for a statutory period, under certain conditions (e.g., open, notorious, continuous, exclusive, and hostile).
In Georgia, the statutory period for adverse possession is 20 years for claims without color of title and 7 years for claims with color of title.
Easement
A non-possessory right to use another’s land (e.g., easement appurtenant, easement in gross).
Zoning
Government regulation of land use to promote public health, safety, and welfare.
Easement by Prescription
Acquiring an easement through continuous and uninterrupted use for 20 years in Georgia.
Non-Judicial Foreclosure
Georgia is a non-judicial foreclosure state, allowing lenders to foreclose on property without court intervention, provided proper notice is given.
Lease
A contract granting possession of property for a specified term.
Easement
A right to use another’s property.
Real Property in General
Georgia Law: Georgia has specific rules for real estate transactions, such as requiring attorneys to conduct closings.
Federal Law: Real property disputes in federal court typically apply state property law unless federal statutes (e.g., CERCLA) are involved.
Severing a Joint Tenancy
SIMP — Sale, Inter vivos transfer, Mortgage in a title theory state, or a Partition action.
Constructive Eviction
A tenant may be actually or constructively evicted. When a landlord has allowed the conditions of the premises to deteriorate to the point that the tenant is essentially forced out or has substantially interfered with the tenant’s use and enjoyment of the property, they may have been constructively evicted.
Total constructive eviction is a complete defense to all payment of rent.
Partial constructive eviction will only result in a reduction in rent.
Holdover Tenant/Tenant at Sufferance
When a tenant does not move out at the end of their lease, they will become a periodic tenant if the landlord wants them to remain or accepts any further rent.
A tenant who does not move out at the end of their rent will become a tenant at sufferance if the landlord does not want them to remain/does not accept further rent.
Tenancy at Will
If no time is specified for the termination of a tenancy, it is construed to be a tenancy at will.
Must be created by express agreement, and terminated whenever either party decides.
Also terminates if either party dies or if either party attempts to transfer their interest.
60 days’ notice of termination is required for landlords and 30 day’s notice of termination if required from the tenant.
Periodic Tenancy
Has a set beginning date but no set end date until notice of termination. May be created expressly or by implication with a holdover tenant.
Notice of termination can be oral or in writing, and must be equal to the rental period but no longer than 6 months before.
Estate for Years
A lease with a definite beginning and end date that, in Georgia, is at least longer than five years.
Ends at the set date with no required notice.
Allows for anticipatory repudiationt. The tenant is liable for all unpaid rent if no defense applies.
Rule Against Perpetuities
Georgia’s Rule Against Perpetuities, also known as the Uniform Statutory Rule Against Perpetuities, limits how long assets can remain in a trust before they must be distributed.
GA adopted a “wait and see” rule - that nonvested property interest is valid if it is either certain to vest within the common law fle period or actually does vest within 90 years after its creation.
The rule ensures that trusts don’t last indefinitely.
It can help families minimize wealth transfer tax and protect assets from creditor claims.
It doesn’t apply to personal property in a trust.