2009 Mbe Property - Conveyancing And Adverse Possession

Front 1

Elements: Adverse Possession

Back 1

1: Continuous
2: Open and Notorious
3: Hostile
4: Actual

Majority: State of Mind is Irrelevant

Front 2

NYS Distinction: Adverse Possession State of Mind

Back 2

Must have a good faith belief that the land in question is yours.

Front 3

Rule: Tacking

Back 3

One adverse possessor may tack on the time a preceding adverse possessor was in possession so long as:
1: there is privity between them
2: there has not been an ouster

Front 4

Rule: Adverse Possession and Disabilities

Back 4

Statute of limitations will not run against an owner afflicted with a disability (insanity, infancy, imprisonment) at the INCEPTION of the adverse possession.

Front 5

Rule: Standard for a Land Contract

Back 5

IN WRITING and must state:
1: describe property
2: state some consideration

Front 6

Land Contract: Doctrine of Part Performance

Back 6

The statute of frauds is waived if:
1: buyer takes possession
2: buyer pays all or part of the purchase price
3: buyer makes substantial improvements

Front 7

Rule: Equitable Conversion and Conveyancing

Back 7

Buyer bears the risk of loss from the CONTRACT, not the closing.

Front 8

NY Distinction: Risk of Loss Prior to Closing

Back 8

So long as the buyer is without fault, the risk of loss remains with the seller until the buyer has title or takes possession.

Front 9

Rule: Implied promises in Every Land Contract

Back 9

1: seller will provide marketable title
2: seller will not make any false statements of material fact

Front 10

Rule: Marketable title

Back 10

Title free from reasonable doubt.

NOT MARKETABLE:
1: any portion of the title rests on adverse possession
2: servitudes and mortgages render title unmarketable unless buyer waives them
3: zoning violations
4: gap in chain of title

Front 11

Rule: Seller's disclosure obligations

Back 11

Majority Rule:
Seller is liable for omissions as well as false statements. Must disclose latent material defects.

Disclaimer will not excuse sellter from fraud or failure to disclose.

NO implied warranties of fitness or habitability

Front 12

Rule: requirements for a valid deed

Back 12

1: lawful execution (in writing, signed)
2: description of the land (need not be perfect)
3: delivery of the deed

Front 13

Rule: Deed Delivery

Back 13

Physical transfer (mail, agent, messenger) is satisfactory, but NOT necessary. Test is of PRESENT INTENT. Did the grantor have the present intent to be bound?

Express rejection defeats delivery.

Front 14

Rule: Deed Transfer to Escrow

Back 14

A deed may be transferred to an escrow agent. When certain conditions are met, title will pass automatically to the grantee.

Front 15

Define: quitclaim deed

Back 15

contains NO covenants

Front 16

Define: General Warranty Deed

Back 16

warrants against all defect in title including those due to grantor's predecessors

Front 17

Rule: Warranties in a General Warranty Deed

Back 17

1: Seisin: grantor owns the estate
2: right to convey: grantor has the right to make this transfer
3: no encumbrances (servitudes or mortgages)
4: quiet enjoyment: won't be disturbed by a third party with a valid claim
5: warranty: will defend grantee if a lawful claim of title is brought by others
6: further assurances: promise to do what is reasonably necessary to perfect the title if it turns out to be flawed.

***warrant and further assurances require action, the other 4 give damages***

Front 18

Define: Statutory Special Warranty Deed

Back 18

Contains only 2 promises and representations on behalf of predecessors.
1: grantor hasn't conveyed to anyone else
2: property is free from encumbrances made by grantor

Front 19

NYS DIstinction: Statutory Special Warranty Deed

Back 19

called a "bargain and sale deed"

Front 20

NYS Distinction

Back 20

NY is a race notice jurisdiction

Front 21

Scope of Recording Act Protection

Back 21

ONLY
1: bona fide purchaser (for value and without notice that someone else got there first)
2: mortgages

Front 22

Rule: Inquiry Notice

Back 22

On notice for whatever an exam would show.

Always on Inquiry Notice for:
1: another in possession of the property
2: obligation to follow up on a reference to an unrecorded transaction (gap in the record)

Front 23

Shelter Rule

Back 23

One who takes from a bona fide purchaser will prevail against any entity that the bona fide purchaser would have prevailed against.

Front 24

Rule: Wild Deed

Back 24

A wild deed--unconnected to the chain of title by gap in the record--is NOT CAPABLE of giving RECORD NOTICE of its existence.

Front 25

Rule: Estoppel by Deed

Back 25

One who conveys realty in which he has no interest is estopped from denying the conveyance if he later acquires the previously transferred interest.

Front 26

Rule: Easements and Marketable Title

Back 26

An easement is normally an encumbrance that prevents marketable title unless it is waived.

EXCEPTION: visible, beneficial easements are not an encumbrance.

Front 27

Rule: Opportunity to Cure Prior to Closing

Back 27

A defect to marketable title is not an excuse to breach the contract before closing.

A buyer must give the seller notice of the defect and the opportunity to provide marketable title at closing.

Front 28

Rule: Recording Contracts

Back 28

A contract to convey can be recorded.