Mbe Property

Front 1

General Warranty Deed (5) Covenants for title

Back 1

1) covenant of seisin
2) covenant of right to convey
3) covenant against encumbrances
4) covenant for quiet enjoyment
5) covenant of warranty

Front 2

Covenant Against Encumbrances

Back 2

A covenant assuring that there are no encumbrances such as easements, liens, mortgages, against the title

Front 3

Covenant of Warranty

Back 3

A covenant where the grantor agrees to defend the grantee against claims of title by a 3rd Party and to compensate the grantee for any loss sustained by the claim to superior title

Front 4

Annex of a chattel to realty

Back 4

When a tenant for life or for years annexes a chattel to realty, whether for trade - agriculture - domestic - or ornamental purposes - the courts have generally presumed that the tenant does not intend to make a permanent annexation and have allowed the tenant to remove the chattel (which is called a "fixture) at or before the end of the tenancy if removal can be effected without causing sunstantial injury to the realty or substantial destruction to the fixture itself.
If chattel was annexed by a life tenant, his personal rep may remove it w/ in a reasonable time after termination of the life estate by the life tenants death.

Front 5

What constitutes a sufficient memorandum in a land sale contract?

Back 5

SOF requires land slae contracts to be in writing - the Memo should contain the following:
1) an identification of the parties
2) a sufficient description of the land to be conveyed
3) the purchase price
4) the promises on both sides

Front 6

Redemption by the mortgagor

Back 6

Nullifies the foreclosure sale in the sense that it ends the purchasers title and restores title in the redemptioner -
Redemption ny the mortgagor is final - the effect is to nullify the foreclosure sale
The MUST be a statutory right to redemption - the borrowers right to redeem or pay off the debt during the statutory period after the foreclosure decree

Front 7

Deed absolute intended for security

Back 7

Will be construed as a mortgage - in order to preserve the equity of redemption various rules were formulated to prevent mortgagees from limiting or "clogging" the equity of redemption "once a mortgage always a mortgage" - a mortgage cannot circumscribe the mortgagor's right to redeem by disguising the transaction as an out right conveyance.

Front 8

What may a mortgagor of land in possession to do his land?

Back 8

May do such acts on the mortgaged property that are 'usual and proper' in the course of good husbandry - he may remodel structures on his property and sever fixtures in a prudent and reasonable manner

Front 9

Is injunction a remedy for removal of fixtures?

Back 9

Yes, injunction will normally be granted if removing the severed property would leave adequate security for the morgagee

Front 10

Trustee's obligation

Back 10

Trustee is obligated to adhere to the terms of the trust instrument w/ respect to the preservation, enhancement, and distribution of the trust res to the beneficiaries

Front 11

Breach of fiduciary duty

Back 11

Breached by self-dealing - can amount to a tort, such as fraud, and it is possible to claim damages on the basis of fiduciaries misconduct - the remedy would be a constructive trust or an equitable lien

Front 12

What is a lien?

Back 12

A charge against property that makes the property stand as security for a debt owed - a creditor is entitled at a proper time to have the property sold and the proceeds used for payment of the debt

Front 13

Establishing a boundary line by agreement

Back 13

In general the law tends to uphold informal relationships b/t abutting owners that fix the boundaries b/t them
1) Must be shown either that the parties were uncertain or unaware of the correct location, or that a dispute as to the true location existed b/t them
2)Most court require the taking and relinquishing of possession by the parties to the agreed line
3)Possession seves an evidentiary purpose and is roughly analgous to the part performance doctrine in land sale of contracts.

Front 14

Mortgages - Pre Payment Penalty Clause

Back 14

Prepayment penalty clause provision contained in a mortgage instrument is enforceable - the rationale is that a lender will lose anticipated interest in the event that the mortgage principal is prepaid b/f the due date