Real Property Flashcards
Homestead oil lease
both husband and wife must sign lease, even if it is considered separate property
Rural Homestead
uncontiguous; not in city limits; doesn’t use city services; no paid police or fire department
Single: 100 acres
Family: 200 acres
Casualty loss provisions
if residence is totally unusable, lease may be terminated by written notice any time before repairs are done. Tenant entitled to security deposit and pro rata rent refund as of date moved out.
Landlord not entitled to repair until insurance proceeds received
Warranty of habitability
requires repairs be completed within reasonable time (but after landlord receives insurance proceeds)
Homestead exemption
protected from unsecured creditors; not protected from liens created prior to the homestead designation
General Warranty Deed covenants
Present: (1) right to covney; (2) seisin; (3) covenant against encumbrances
Future: (1) quiet enjoyment; (2) covenant of warranty; (3) covenant of further assurances
General Warranty Deed
seller warrants that no title defects have occurred during his ownership of the property and that there are no defects in the chain of title from which he derived title
Special Warranty Deed
seller warrants that no title defects have occurred during his ownership of the property, but the seller does not warrant that there are no defects in the chain of title from which he derived title
Quitclaim deed
seller does not make any warranties. May still contain warranties, but conveys no more than the interest of the grantor, rather than the property itself
urban homestead
(1) located within the limits of a municipality or its extraterritorial jurisdiction; (2) served by police protection, paid or volunteer fire protection; (3) three of the following services provided by the municipality: electricity, natural gas, sewer, storm sewer, and water
Unlike rural homestead, an urban homestead must be contiguous land.
Can claim up to 10 acres
valid conveyance requirements
(1) donative intent; (2) delivery; AND (3) acceptance
when is a deed recordable?
when it has been acknowledged or sworn to by a person authorized by law to do so
OR
signed and acknowledged or sworn to by a person authorized by law to do so
homestead exempted debts
a homestead is protected from forced sale for the payment of all debts except for:
(1) purchase money; (2) taxes due on property; (3) owelty of partition by court order; (4) refinance of a valid lien against the homestead; (5) home equity loan; and (6) reverse mortgage
home equity loan
extension of credit that is secured by a voluntary lien on the homestead, which when added to other liens on the property is not for more than 80% of home value
Covenant
runs with the land if (1) original parties intend AND (2) touches and concerns the land
touches and concerns if it benefits the tenant and burdens the landlord with respect to their interests in the property
fee simple determinable
duration words “for so long as” . . . “until” . . . “while”
automatically terminates on the happening of the stated event and reverts back to the grantor (possibility of reverter)
fee simple subject to condition subsequent
COMMA + condition
grantor retains the power to terminate the estate of the grantee upon the happening of an event, but grantor MUST expressly reserve the right to terminate (right of re-entry)
constructive notice of prior deed
purchaser is charged with constructive notice of every duly recorded instrument in the purchaser’s chain of title as well as to those facts that would be obtained by a reasonably diligent inquiry
Co-tenant conveyances
one co-tenant cannot convey or encumber any portion of, or interest in, the common property owned without express authority or subsequent ratification of other co-tenants
co-tenant reimbursement
co-tenant who incurs necessary expenses to preserve the property is entitled to reimbursement from other co-tenants, and repairs to the common property are generally considered necessary or proper expenses
co-tenant accounting
rent received from third parties is in the nature of profit to which each co-tenant is entitled in her proportionate interest, and a co-tenant that receives more rent than entitled must account the other co-tenant
implied warranties of title
when a deed uses the term “grant” or “convey” in a conveyance
(1) warranty of title: assures grantee that no third party has superior claim of title to the interest
(2) warranty of no encumbrances: assures grantee that at the time of conveyance, the interest by grantor is free from all encumbrances
Express warranty clause
creates two additional sets of warranty
(1) general warranty clause: obligates grantor to indemnify grantee for loss caused by any claim against the title
(2) special warranty clause: restricts the scope of grantor’s warranties by protecting grantee against only claims of persons deriving their interest in the property through the grantor
deed requirements
(1) writing signed by grantor; (2) designate a grantee; (3) contain words of grant; (4) adequate legal description; (5) delivered and accepted by the grantee
Delivery is controlled by the grantor’s intent, and grantor does not need to manually transfer the deed to grantee
