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26 Cards in this Set
- Front
- Back
- 3rd side (hint)
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ESTATES, general information |
FREE HOLD ESTATE Fee simple * Absolute *Defeasible *Clear title Life Estate * holder of LE *E in reversion *E in remainder LESS THAN FREE HOLD * estate for years *estate of periodic tenant *estate at will * estate at sufferance |
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ESTATE , definition |
The degree,quantity, nature and extent of interest which a person has in real property. There may be two or more estates in the same property. |
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FREE SIMPLE ESTATE |
It is indefinite in duration and can be conveyed during life or upon death. It may have encumbrances.
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It is indefinite in duration and can be conveyed during life or upon death. It may have encumbrances.
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FEE SIMPLE ABSOLUTE |
It is the greatest degree of ownership. It is indefinite in duration. |
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FEE SIMPLE DEFEASIBLE |
There are conditions or limitations on the use of the property. If they are broken(condition subsequent) the owner's title is defeated and the property will revert to the original owner. |
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CLEAR TITLE |
If the property is unencumbered, owner has clear title. |
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LIFE ESTATE |
An estate limited in duration to the life or lives of one or more designated persons. It can be created by Will or deed and it creates more than one estate in property |
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HOLDER OF LIFE ESTATE |
@Has the right of possession and use. @Cannot allow waste. @May sell, encumber or lease it for the duration of the LIFE ESTATE. When the life estate ends, the lease or encumbrance is terminated. @Has an estate in property. |
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ESTATE IN REVERSION |
Held by original grantor, if property is to revert to him upon death of designated person. |
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ESTATE IN REMAINDER |
Held by third party, if estate is to pass on to him upon death of designated person. |
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ESTATE FOR YEARS |
Continues for a definite period fixed in advance. No notice to terminate is required. May be for days, weeks,months or years. |
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ESTATE OF PERIODIC TENANCY |
Continues from period to period. Notice to be terminated is required. |
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ESTATE AT WILL |
Continues until ended by unilateral decision of lessor or lessee. Notice must be given |
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ESTATE AT SUFFERANCE |
Lessee has rightfully come into possession but retains possession after the expiration of his term, without the consent of the landlord. Acceptance of rent by landlord constitutes consent which would make it an estate at will or a periodic tenancy. |
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TYPES OF LEASES |
GROSS LEASE: landlord pays taxes, insurance and maintenance. NET LEASE: lessee pays taxes, insurance and maintenance. Lessor receives fixed income. PERCENTAGE LEASE: lessee pays rent based on percentage gross receipts often with an established minimum.(storage garage and parking lot 50%. Chain grocery store 1% GRADUATED LEASE: lessee pays a varying rent determined by an escalator clause which increases or decreases the rent. SANDWICH LEASE: leasehold interest which lies between the primary and the operating LEASE. |
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PARTIES: lessee |
LESSEE *has an interest in real property in a form of personal property.leasehold estates are personal property. * has a leasehold interest *has the right to exclusive possession (temporary) *cannot commit waste |
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PARTIES: lessor |
LESSOR *holds the basic title during the LEASE *holds a reversionary interest |
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CREATION OF LEASE |
*name of the parties *description of the property *amount of rent *length of time(max lease in agricultural or horticultural lands 51 years, urban property 99 years) *must be in writing if longer than one year *must be signed by the lessor |
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TENANT RIGHTS TO TERMINATE LEASE |
If Landlord breaks terms of contract. IF landlord Fails to repair, tenant may terminate lease or spend up to one month's rent and make the needed repair. No more than twice every year.
Landlord evicts tenant for breach of contract
Property is condemned by eminent domain.
Landlord threatens expulsion
Extensive and unwarranted alterations are made to the property by the landlord
Sale of property does not usually terminate a lease |
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REMEDIES OF LANDLORD |
If tenant fails to pay rent,landlord may 🔅Consider the LEASE terminated 🔅Sue for damages 🔅evict the tenant by an unlawful detainer action |
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EVICTION BY UNLAWFUL DETAINER ACTION |
👮🏼serve 3 day notice to pay or quit 👮🏼institute unlawful detainer action 👮🏼court orders sheriff to evict tenant
If a person occupies property after unlawfully entering it, he would be a trespasser and removed by sheriff ( not by detainer action) |
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QUIET AND ENJOYMENT POSSESSION |
Tenant has this right. Eviction by the landlord or by another person who has paramount title is breach of this covenant |
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SURRENDER |
Termination of the lease by mutual agreement |
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ASSIGNMENT |
Tenant (assignor) conveys all of his interest in the property (time, space and RIGHTS) to a new tenant(assignee) |
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SUBLEASE |
Tenant conveys part of his interest in the property (may be time, space or rights) to a new tenant (sublessee) The original tenant is still liable for the rent |
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SECURITY DEPOSITS |
Cannot exceed 2 months rent in unfurnished residential property or 3 months rent on furnished They must be accounted for and refunds made within 21 days after tenant moves out |
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