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Property Law > Sale & Recording > Flashcards

Sale & Recording Flashcards

1
Q

Types of Notice

A
  1. Actual Notice - Notice served to parties
  2. Constructive Notice - Through a recording system (must be proper) *Wild deed - recorded outside of chain of title (not proper)
  3. Inquiry Notice - knowledge inferred from circumstances suggesting prior conveyance
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2
Q

Types of recording Statutes

A
  1. Race - First person to record prevails
  2. Notice - Subsequent purchaser for value w/o notice (BFP) prevails, regardless of who records first
  3. Race-Notice - Subsequent purchaser for value w/o notice (BFP) who records first prevails.
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3
Q

Adverse Possession characteristics

A
  1. Open & Notorious (behaves as owner)
  2. Hostile (against rights of owner)
  3. Continuous (if interrupted, must be consistent w/nature of property - summer property)
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4
Q

Risk of Loss doctrines

A
  1. Equitable Conversion - Risk passes to buyer when K is formed (Majority). In Minority, seller keeps the risk unless buyer has possession.
  2. Uniform Vendor and Purchaser Risk Act - Risk passes to buyer when possession of title pass

* Doctrines only apply when parties haven’t agreed to the contrary

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5
Q

Merger doctrine

A

If guarantee is made in sale K and not reflected in DEED, it is extinguished when deed conveyed to buyer

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6
Q

Right of redemption

A
  • after foreclosure
  • statute gives time to prior mortgagor
  • to pay money to
  • redeem property
  • * Only by statute and after foreclosure
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7
Q

When is a Title Unmarketable?

A

When any part of the land is subject to:

  • Adverse possession
  • Encumbrances (servitudes, including lack of access, or mortgages) - waivable by buyer
  • Zoning Violations

Reasonable person would not buy

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8
Q

Implied promises of Seller in land K

A
  1. Marketable Title at CLOSING
  2. No false statements of Material Fact (gral. disclaimers will not relieve seller for fraud- “as is”)
  3. No failure to disclose latent material defects (if known)
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9
Q

Formalities of Land K

A
  • writing (except part performance -
  • possession, partial or total payment, and/or substantial improvements of the land) -
  • Description of land -
  • Identify parties -
  • Specify price (or other consideration) -
  • Signed by party to be bound
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10
Q

Does the land K contain Implied Warranties of Fitness & Habitability?

A

NO (UNLESS -In the sale of a new home by a constructor)

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11
Q

What is equitable conversion?

A

Doctrine under which purchaser of real property becomes an owner of title when signing the K

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12
Q

Who inherits land after death of buyer in an equitable conversion?

A

Buyers heirs.
Seller heirs only own personal property interest (money owed by buyer)

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13
Q

Requirements of closing

A
  1. Lawful execution of deed
  2. Delivery of deed
  3. Acceptance of grantee
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14
Q

What are the requirements to execute a deed?

A
  • Writing (denoting intent to convey)
  • Identity of parties
  • Describe property
  • Signed by grantor
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15
Q

Types of Delivery of Deed

A
  1. Actual delivery - Grantor physically or manually delivers the deed
  2. Implied delivery - Present intent of the grantor to deliver deed (words or actions)
  3. Presumption of delivery - grantor relinquish absolute and unconditional control over property (handed to grantee, acknowledged before Notary, Recorded)
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16
Q

Types of defective deeds

A
  1. Void Deeds - set aside even if property has passed to bona fide purchaser (BFP)
  2. Voidable - set aside ONLY if property HAS NOT passed to BFP
17
Q

When a deed is Void?

A
  • Forged
  • Deed never Delivered
  • Fraud in Factum
18
Q

When a Deed is Voidable?

A
  • Lack of Capacity
  • Infancy
  • Duress
  • Breach of Fiduciary Duty
  • Undue Influence
  • Mistake
  • Fraud in Inducement
19
Q

Requirements for fraudulent conveyance

A
  • Actual Intent to hinder, delay or defraud creditor or grantor (or)
  • Not receiving reasonably equivalent value in exchange
20
Q

Types of Deeds

A
  1. Quit-claim Deed - No covenants
  2. General Warranty Deed - 3 present and 3 future covenants
  3. Special Warranty Deed - 2 promises by grantor
21
Q

Exception for the Quit Claim Deed

A

Marketable Title at Closing (stems from the land K, not the deed)

22
Q

Present covenants of General Warranty Deed

A

Breached at Time of Delivery

  • Covenant of Seisin - Grantor warrants he’s the owner
  • Covenant of Right to Convey - Grantor warrants he has power to convey property
  • Covenant against Encumbrances - Grantor warrants there are no encumbrances on property (mortgages, liens, easements, covenants, etc.)
23
Q

Future Covenants of General Warranty

A

Breached if Grantee Disturbed while possessing

  • Covenant of Quiet Enjoyment - No disturb of Grantee’s possession by 3rd parties assertion of superior title
  • Covenant of Warranty - Grantor will defend and compensate for lawful claims by assertion of superior title
  • Covenant of Further Assistance - Execute any document to perfect title
24
Q

What promises contain the Special Warranty Deed?

A
  • Grantor has not conveyed to another
  • Free from encumbrances created by Grantor

Only applies to the Grantor (not predecessors in interest)

25
Q

Estoppel by Deed

A

If a party that sells a property w/o proper power later acquires ownership of property, MUST CONVEY property to buyer.

26
Q

What is the Shelter Rule

A

Anyone that takes of a BFP will prevail against any interest over which the BFP would have prevailed, even if grantee had knowledge of prior unrecorded interest, or it’s a donee, heir, or devisee.

27
Q

What is needed to transfer real estate?

A
  • Delivery of the deed
  • Not necessary recording
  • Once deed delivered, grantor can’t revoke
28
Q

What is an Accession?

A

Annex chattel into another’s property that can be removed w/o damage to the property

29
Q

What is a Trade Fixture?

A
  • Fixture installed by a tenant in a trade or business
  • Can be removed, unless damage to the property
  • If damage to the property, tenant must pay for damages/repairs
30
Q

How can a signature be waived from a deed?

A
  • Acceptance and record of the deed
  • Waive signature of the grantee to enforce mortgage
  • It’s called dead poll (deed only signed by grantor)
31
Q

Rezoning theories

A
  • Variance – Permits a waiver from zoning requirements (if owner would suffer great hardship)
  • Doctrine of amortization – means to terminate a non-conforming use (use existed @ time of rezoning)

Property Law (5 decks)

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