Real Property Flashcards
(26 cards)
What is required to have a valid deed?
A valid deed must
1identify the** buyer and the seller, **
3. describe the land,
4. contain words denoting present intent to convey,
5. be signed by the grantor, and
6. be delivered.
Delivery is a question of intent to pass title presently.
What happens to the buyer’s interest under equitable conversion?
The buyer’s interest becomes real property as soon as the contract is signed, even before closing.
The seller’s interest remains personal property.
What is a quitclaim deed?
A quitclaim deed is where the grantor gives no covenants and the grantee gets whatever the grantor has, subject to defects in title.
The grantee has no recourse for any problems.
What are the present covenants in a warranty deed?
The present covenants include:
* 1Right to convey
* 2Covenant of seisen (is a promise by the grantor (seller) to the grantee (buyer) that they have the right to possess and convey the property, meaning they own it and have the right to transfer it. )
* Covenant against encumbrances
assures the buyer (grantee) that the property being sold is free from an
Mnemonic for present covenants: PRESENT.
What are the future covenants in a warranty deed?
- Further assurances requires the grantor to take affirmative steps to cure any defects in the grantee’s title if they are discovered after the transfer
- **Quiet enjoyment **right to possess and enjoy the property without interference from third parties who claim an interest in the property
*** * Warranty ** obligates the grantor to defend the grantee against any title claims from third parties who dispute the grantor’s right to transfer the property,
Mnemonic for future covenants: FEW.
What is the effect of merger on the closing date?
On the closing date, the **contract for sale merges into the deed, **allowing the buyer to sue only on the deed.
This means the buyer cannot sue on the contract after closing.
What is the implied warranty of fitness and habitability?
A builder of new homes warrants that the home is** habitable **and fit for its *** intended purposes
This warranty applies to defects discovered within a reasonable time due to the builder’s negligence.
What is the common law first-in-time first-in-right principle?
prioritizes the first person to acquire an interest in a property or resource. In other words, the person who first takes possession of, uses, or claims a property or resource is generally considered to have the superior right to it, even if another person later claims the same interest.
This principle is modified by recording statutes.
What are the three kinds of recording statutes?
The three kinds of recording statutes are:
* Notice statutes
* Race-notice statutes
* Pure race statutes
Each type offers different protections to subsequent bona fide purchasers.
What is actual notice?
Actual notice is when the grantee actually knows about the conveyance.
What is inquiry notice?
Inquiry notice occurs when examination of the land or reference in an instrument would lead a** reasonable person** to inquire.
What is record notice?
Record notice is when the interest is recorded in the chain of title.
What is the general rule regarding a mortgagor’s liability when transferring title? subject to the morgage
- A mortgagor can transfer title to the property,
2, but the mortgage remains on the property and
- the mortgagor is still personally liable on the note.
What happens if a transferee assumes a mortgage?
If a transferee assumes a mortgage, he is personally liable along with the original mortgagor.
What is a term for years lease?
A term for years lease specifies both a beginning date and an end date.
What is a periodic tenancy?
A periodic tenancy has no fixed end date and repeats until one party gives valid notice.
at least equal to the length of the period of the tenancy itself, unless
It can be created by express agreement, implication, or operation of law.
What constitutes constructive eviction?
A tenant can sue for constructive eviction if the
1. landlord breaches a duty
2. this breach causes loss of substantial use and **enjoyment **of the premises.
What is the duty of a tenant regarding rent?
The tenant must pay rent, and
if they abandon the property, the landlord can sue for damages or treat it as a surrender.
What is the Fair Housing Act?
disallows discrimination in
housing sales or rentals
based on
* race,
* color,
* religion,
* sex,
* familial status, or ( presence of children under 18 )
* national origin.
What are the ways to create an easement?
Easements can be created:
* Expressly
* Impliedly (by prior use or necessity)
* By prescription.
What are the ways to terminate an easement? Mace Pew
Easements may be terminated by:
- Merger of tenements
- Abandonment.
- Condemnation
- Express terms
- Prescription
- Estoppel
- Written release
Mere nonuse is not sufficient; there must be an act of abandonment.
What are the four unities required to create a joint tenancy?
The four unities required are:
* Time
* Title
* Interest
* Possession
Most states also require express reference to survivorship.
How can a joint tenancy be severed?
A joint tenancy can be severed by:
* Giving it away during life
* Signing a contract for sale
* Judicial sale by a judgment lien creditor
* Granting a mortgage in a title theory state.
title theory state, the lender or mortgage holder retains legal title
Mnemonic for severance: G SAM.
What are the requirements for adverse possession?
The requirements include possession that is:
* Continuous
* Hostile and under a claim of right
* Actual
* Open and notorious
* going For the statutory period
* Exclusive.
Mnemonic for adverse possession: CHANGE.
