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23 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Do Option K's become void with counter offers?
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If they satisfy the Statute of Frauds they are good for the term.
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Option K's are a separate contract.
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Can Mortgage holder enforce upkeep?
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Mortgagee may not commit waste, so yes.
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What is a General warranty deed?
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Guarantees good title all
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"Special Warranty Deed"
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Nothing that affected title was put on property during her ownership.
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Steps to Validly Transfer a Deed:
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1. Executed
2. Delivered 3. Accepted |
DEA
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What is "Abatement"
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Happens when impossible to pay off all debts and make good on all devices.
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Order of Abatement
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1. Intestate property
2. The residuary of the estate 3. General Devises--i.e., cash gifts 4. Demonstrative Devises--i.e., cash gifts from a specific account, stocks, bonds, securities, etc... 5. Specific Devises--i.e., specified items of personal property, real property, etc... |
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"General Devises:
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Cash Gifts
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"Demonstrative Devises"
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Cash gifts from a specific account: stocks, bonds, securities
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"Specific Devises"
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Specified items of personal property, real property, etc.
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"Warranty of Fitness Suitability"
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Builder is responsible for those that wouldn't show up in a reasonable inspection.
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"Notice Jurisdiction"
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Subsequent purchaser wins if didn't have notice
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"Race Jurisdiction"
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Subsequent purchaser wins if recorded first. (Notice doesn't matter)
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"Race-Notice Jurisdiction"
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Subsequent purchaser wins if recorded first but only if they didn't know.
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Easement
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Granting access through one's land
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Merger: Easement
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If formally had an easement and you buy property, the property merges and easement is gone. If you sell a parcel it doesn't come back unless you put it back.
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"Equitable Conversion"
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Upon completion of contract Widow has Legal Title and seller has Equitable Title. Widow is responsible for loss.
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"Subrogation"
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When you pay off a mortgage/loan to protect property interest.
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Does assumption of a mortgage have satisfy Statute of Frauds?
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No, may be oral, and may be proven by extrinsic evidence.
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"Assignment" v. "Sublet"
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Assignment is entire leasehold
Sublet is part of the leasehold |
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Tenancy in Common
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All have right to posesss property. Have responsibility to fix property equally
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Warranty of Habitability
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House can be lived in, can't be waived
Remember: Tenants don't have duty to repair |
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"Purchase Money Security Interest"
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When lender loans for purchase of specific item or fixture in a house if recorded w/in 20 days it is valid over others.
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