Mbe Prop

Front 1

Subjacent and Lateral Support

Back 1

Land owner is strictly liable if his excavation causes unimproved adjacent land to subside.

Front 2

Growing crops

Back 2

1. Classified as personal property and will pass to the grantee upon sale of the land

2. statute of frauds does NOT apply

Front 3

Growing Crops

Back 3

1. classified as personal property and will pass to the grantee upon sale of the land
2.statute of frauds does not apply

Front 4

Water Rights

1. Prior Apporpriation
2. Riparian Rights

Back 4

1. Prior appropriation - first in time, first in right. Goal:Maximum beneficial
2.Riparian Rights - domestic use is uperior to agricultural use.

Front 5

Adverse Possession

(3)

Back 5

1. physical element
a. actual and exclusive (can not be shared)
b. be open and notorious
2. mental element - possession has to be adverse and hostile (can't be permissive)
3. For the statutory period

Front 6

Property Def

Hostile Possestion

Back 6

Hostile - possessing with the intent to claim ownership - state of mind does not matter.

Front 7

Property Def

Ouster

Back 7

1. wrongful exclusion from possession
2. there can be no adverse possession among co-tenants absent ouster

Front 8

Property Def

Boundary Line Agreement

Back 8

Valid if:

1. Parties unaware of true boundary line
2. Parties agree as to location
3. Possession that conforms to the agreement

Front 9

Rule

Absent a will the interest of each co-tenant will....

Back 9

Pass by intestacy to their respective heirs

Front 10

S.O.F.

Transfers an Interest in Land

Back 10

1. id of the parties
2. id of the subject matter
3. consideration
4. signature of seller

Front 11

Exception to the S.O.F.

Part performance

Back 11

1. possession plus..
2. improvements and /or payments

Front 12

Deed

Valid delifery

Back 12

1. proper execution
2. present intent to transfer title

Front 13

Equitable Conversion Common Law (majority)

- Date of Contract to the date of closing

Back 13

1. Risk of loss for casualty is placed on the buyer during the executory period and right to any benefit.
2. the buyer is the equitable owner of the land, whereas the seller , who hold legal title is the equitable owner of the right to the full purchase price.

Front 14

Uniform Vendor & Purchaser's Risk Act

Ris of loss is on the Buyer (2)

Back 14

1. only if he has legal title or
2. possession of the property

Front 15

Marketable Title

Back 15

1. mortgage
2. lien
3. easement
4. lease
5. equitabel servitude
6. zoning violation
7. future interest

Front 16

Recording Statutes
(3)

Back 16

1. Race: 1st to record wins
2. Notice:last BFP wins
3. Race-notice: 1st BFP to records wins

Front 17

Recording Statutes

Don't Apply:

Back 17

1. donee
2. divisy
3. heirs
4. forged, void or undelivered deeds
5. boundary agreement
6. adverse possessors

Front 18

Mortgage

Definition

Back 18

An interest in land created in writing providing security for performance of a duty or the payment of a debt.

Front 19

Foreclosure

definition

Back 19

the method by which the security is applied to satisfy the debt.

Front 20

Deficiency judgment

Back 20

allowed where the proceeds of the FC sale are insuffi

Front 21

Rights of a Grantee

Back 21

1. A grantee who "assumes" a mortgage is personally liable.
2. A grantee who takes "subject to" the mortgage is not personally liable.

Front 22

Purchase Money Mortgage

Definition

Back 22

1. Take priority over other prior mortgages, regardless of recording statutes.

2. The PMM itself, however, must be reordered.

Front 23

Exoneration

Back 23

The rights of a surety (mortgagor) to compel the mortagagee to proceed first against the person or property primarily liable.