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Themis: Property > Title > Flashcards

Title Flashcards

(60 cards)

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1
Q

Elements of Adverse Possession

A

Continuous for statutory period
open & Notorious
hostile
exclusive

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2
Q

Continuous

A

not literal, can be seasonal or infrequent like a vacation home or farm land

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3
Q

Tackingg

A

if the adverse possessor cant satisify the continuity requirement on their own they can tack a previous time on the property must be in privity with the persoon

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4
Q

Disabilities & Limitations on A.P

A

Statute of limitations will not run against a true owner who has a disability at the time the adverse possession begins

(infancy, insanity, imprisionment)

must exist when they enter the property

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5
Q

Interruptions by True Ower

A

the own may interupt the possessor by ejecting & stop the Adverse possession clock

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6
Q

open & notorious

A

use that would reasonably put the true owner on notice of the adverse use

cant be hidden

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7
Q

Hostile

A

possession is adverse to the owners interest

MajorityL ignore the adverse possessors state of mind

Minority : inquiries into the adverse possessors state of mind

Good faith: based on mistake
Bad Faith: knows the land is not theres and acquires title regardless

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8
Q

Exclusive

A

adverse possessor cant share with true owner

if two people possess prooerty together they can take together and have a tenancy in common

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9
Q

What are the requirements for deed?

A

intent to transfer and acceptance?

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10
Q

What does intent requre?

A

the GOR intent to make a present transfer. If can be for a future interest.

If GOR retains deeds intent is not presumed. If he gives to a 3rd party then that is okay

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11
Q

Acceptance requirement

A

acceptance is presumed unless rejects deed

if accepts then change mind need a new deed

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12
Q

What must be included in a deed

A

Id of grantor
Id of grantee
words of transfer
description of property
interest being transferred
GOR siggnatuer

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13
Q

Words of Transfer

A

granting clause or any evidence a presnet intent to transfer

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14
Q

Description of property

A

reasonably definite but extrinsic evidnece will be allowed to clarify

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15
Q

How to execute the deed?

A

siggnature required but no notary

if forged then the deed is void

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16
Q

Can an agent execute a deed on behalf of Grantor?

A

yes

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17
Q

Equal Dignities Rule

A

when an act performed by an agent on behalf of the principal is required to be in writing & agents authority must also be in writing.

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18
Q

What does Notice Statue Require

A

Purchaser must purchase without notice of prioor interest

Contain words like “good faith” or “without notice”

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19
Q

What Does Race Statue Require?

A

Purchaser who records first prevails regardless of any knowledge before.

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20
Q

What does Race Notice Statute Require?

A

subsequent purchaser t take interest without notice and be the first to record.

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21
Q

Who is protected under a race statute?

A

a grantee has to pay value for an interest in real property

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22
Q

What is the shelter rule?

A

If GOR is protected by recording act then their GEE’s will also be protected. Their interest are sheltered where they would otherwise be unprotected.

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23
Q

Types of Notice

A

Actual (personal knowledge)
Constructive (should know)
Inquiry (reasonable investigation would reveal)

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24
Q

What is a wild deed?

A

Chain of title issue where deed is recorded & indexed but not recorded in a way to give notice to sub. purchasers

a recorded deed that is not within the chain of title is a wild deed

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25
Estoppel by Deed
if conveys warranty deed before actually owning, GOR is estopped from later denyingg the effectiveness of the deed
26
Does a recording act protect against interest affected adversely?
No, if acquired by Adverse possession or prescriptive easement will not be protected under recording act
27
General Warranty Deed
GOR guarentees six covenants (Present & Future)
28
Present Covenants
Seisin Right to Convey Covenant against encumbrances
29
Future Covenants
Quiet Enjoyment Warrant Further Assurances
30
When does breach of covenant occur?
time of conveyance
31
Requirements for Breach of Covenant (Seisin & right to convey)
the GOR is not owner of estate
32
Requirements for Breach of Covenant Against Encumbrances
when property is encumbered by mortgage, lease, easement
33
Requirements for breach of future covenant
GEE has been sued or evicted by someone with valid superior interest
34
What is Special Warranty Deed?
same covenants of title as general warrant but only warrants against defects during the time GOR has title
35
Quitclaim Deed
promises no covenants of tile
36
What is a restrains on alienation
restriction on transfering property
37
Types of Restraint
Disabling (prohibition of transfer of property) Forfeiture (forfeiture restraint) Promissory (promise by property interest holder not to transfer property)
38
Prohibited Restraints
Absolute on fee simple is void or based on persons race, ethnicity or religion is not enforceable
39
Permissible Restraints
restraint that is limited in time or purpose may be valid a right of first refusal which gives the holder of the right the opportunity to purchase the property interest if sold is upheld restraint on equitable property interest
40
What is a mortgage
interest in real property that serves as security for an obligation
41
Lien Theory
MOR is treated as owner of real property and MEE is treated as holder of the lien on that interest
42
Title Theory
Minority of JD MEE is treated as the owner and the MOR possess right to regain ownership upon satisfaction of obligation
43
Deed of Trust
used in place of mortgage deliver title to real property to a 3rd party trustee the trustee will reconvey title to the borrower upon payment of mortgage note same req. as mortgage
44
Absolute Deed
free of all liens & encumbrances transfers unrestricted title to property
45
What is Mortgagor liability when the mortgage is transferred?
MOR remains personally liable on the lona obligation after the transfer unless MEE agrees to release their liability
46
What happens if Lenders modifys the terms of the loan after transfer?
original MOR is relieved of liability Also released from liability if lender releases or impairs poperrty "subject to"
47
What is Due on Sale Clause?
upon transfer the Lender has option to demand immediate payment of the full amount of outstanding obligation + interest
48
What is exception to due on sale clause?
Resident property (fewer than five dwellings) not subject to clause
49
What is a due on sale encumbrance clause?
give lender the right to accelerate mortgage obligation upon a second mortgage
50
What does it mean to assume a mortgageg?
transferee & borrower are personally liable ro lender to pay obligation
51
What does it mean to be subject to mortgage?
the transferee buyer takes title subject to an existing mortgage obligation
52
equity of redemption
after default but prior to foreclosure sale the mortgagor may retain property by paying the amount of the loan obligation
53
Deed in Lieu of foreclosure
convey all interest in the property to the mortggagee allows MEE to take immediate possession of property
54
Clogging Equity of Redemption
waive right too redeem after mortgage is executed in exchange for consideration
55
What is acceleration clause?
MEE entitled to collect only the amount of the obligation that is currently due unless there is acceleration clause that provides full obligation owed on default
56
What is acceleration clause?
MEE entitled to collect only the amount of the obligation that is currently due unless there is acceleration clause that provides full obligation owed on default
57
Priority of Interest
valid foreclosure terminates any interest that is junior to interest being forclosed
58
Does a forged deed and defective document
forged deed and defective document do not give notice, so BFP who receive these are not protected by receding acts
59
what is future advance mortgage?
interest in real property given by borrowers in exchange for the right to receive $ in the future
60
priority for future advance mortgage
subsequent mortgage will have priority if advances are optional Jd are split whether there is requirement for actual or constructive notice

Themis: Property (5 decks)

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