Real Property Flashcards
(128 cards)
What are the elements of adverse possession?
Exclusive
Open notorious
Hostile
Continuous
What is adverse possession?
Allows one who has wrongfully entered a property to take possession of it where there has been exclusive, open and notorious, hostile, continuous possession of the land
Define actual possession for the purpose of adverse possession?
True owner excluded
Can only claim land used
Can lease to tenant to satisfy actual possession
How is open and notorious possession determined?
Using the land as a typical owner would
Puts true owner on notice of trespass
How is hostile possession determined for adverse possession?
No permission
Boundary disputes = hostile
Ouster of co-tenant
How is continuous possession defined for adverse possession?
20 years at common law
Owner does not regain possession
Seasonal use can satisfy (as long as only true owner would use land that way)
Tackling permitted where adverse possessors in privity
What is the effect of adverse possession?
Marketable title not conveyed unless title perfected and made marketable by judicial action to quiet title
What are the sof requirements for a land transfer?
Writing Name parties Signed Describe land State consideration
What are the part performance exceptions to sof?
Possession + payment
Substantial improvements
Conveyance made by seller
What is the implied promise in every land transfer agreement?
Marketable title
What is the doctrine of equitable conversion?
Buyer is owner of property after signing of contract, before closing
What are the remedies for breach of land sale?
Specific performance
Damages
How are damages calculated in a sale of land contract?
Difference between market price and contract price
What are the requirements for specified performance to apply?
Valid contract Conditions satisfied Inadequate legal remedy Mutual performance Feasible enforcement No defenses
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When might there be an inadequate legal remedy such that specific performance is appropriate?
Damages too speculative
Defendant insolvent
Possible multiple suits
Property unique
Speculative, insolvent, unique suits
What are the defenses to a breach of a sale of land contract?
Laches Unclean hands Lack of consideration Sof Sale to a bona fide purchaser
Define mortgage
A financing agreement that conveys a security interest in the land where parties intend land to be collateral for the repayment.
Is there a writing requirement for a mortgage?
Yes!
What is the mortgage exception to sof?
An equitable mortgage
What are the buyer’s rights under a mortgage?
Possession
Title
What are the creditor’s rights in a mortgage?
Lien which allows him to look to mortgage in the event of default
Are mortgages transferable?
Yes
What is a foreclosure?
Mortgagee seeks land when mortgage defaults
What is the effect of an anti deficiency statute?
Limits lender to value of loan
Excess goes to buyer from proceeds of sale after paying off debts