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83 Cards in this Set
- Front
- Back
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ACTUAL NOTICE
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Direct knowledge of a fact (e.g. property that is to be acquired is encumbered or info suff to make a person inquire as to such fact
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ADVERSE POSSESSION
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A way to acquire COMPLETE title to land as against all others, including the record owner through: Actual/physical, Notorious, Open, Hostile, Uninterrupted, Exclusive use for statutory period of time
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APPURTENANT EASEMENT
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Right of one owner of land (dominant estate) to make use of the land of another (servient estate) that attaches or appertains to the dominant estate and passes with the title to the dominant estate
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ASSIGNMENT
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Transfer of the lessee's entire interest in the lease, making the assignee primarily liable to the LL for the rent, and the original TT only 2ndarily liable
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BONA FIDE PURCHASER
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One who pays valuable consideration for an interest in property, has no notice of other encumbrances on the interest and acts in good faith
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CHAIN OF TITLE
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The successive conveyances of a certain property, consisting of all docs affecting title, the existence of which is made available to a bona fide purchaser
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CLASS GIFT
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A gift to a group of persons, uncertain in # at the time of the gift, to be ascertained at a future time, who are all to take in equal or other def proportions, the share of each being dependent on the ultimate # in the class
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COMMON DEVELOPMENT SCHEME
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Plan for subdividing land which intends that all parcels be subject to a restriction, which may be evidenced by a recorded plan, a general pattern of restrictions, or oral representations to early buyers. In residential dev - this allows you to imply equitable servitudes restricting all parcels sold after the scheme arose
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CONDEMNATION/EMINENT DOMAIN
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Taking of private property for public use, such as bldg a highway, which raises a duty of just compensation under the DPC of the 14th A/ment. The power to condemn property = eminent domain
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CONDITION PRECEDENT
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An act or event that must exist or occur before an interest in property that is subject to it can be vested
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CONDITION SUBSEQUENT
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An act or event that will extinguish a particular interest in land. An estate STCS is an interest in property which may last 4ever, except upon the happening or non-happening of a specific event at which point the interest is terminated
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CONSTRUCTIVE EVICTION
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Circumstances controlled by the LL that compels the TT to leave the premises though he is not asked to do so by the LL (failure to maintain premises fit for occupancy)
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CONSTRUCTIVE NOTICE
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Awareness of a fact that is presumed by law to have been acquired; namely the presumed knowledge of all instrument w/in a purchaser's chain of title
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CONTINGENT REMAINDER
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A remainder created in favor of an ascertained person, but Subject TCP in favor of an unborn person, or in favor of an existing but un-ascertained person
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COVENANT OF HABITABILITY
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A promise by a LL that at the inception of the lease, there are no latent defects in facilities vital to the use of the premises for residential purposes and that these facilities will remain in usable condition during duration of lease
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COVENANT OF TITLE
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Guarantee given by grantor to promise that title is of a particular quality
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COVENANT RUNNING W/LAND (real covenant)
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Written promise, usually found in deed, to do something on the land (e.g. cut the lawn), or not do something on the land (cannot park RV here). For the burden to run to successive estates, there must be: Intent, Notice, Horizontal & Vertical Privity, Must Touch and Must Concern the land - Remedy = $ damages only
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DEDICATION
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Conveyance of land by a private owner in the nature of a gift or grant and an acceptance of that law by or on b/h of the public (e.g. streets in development)
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DEFEASABLE
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An estate that can either partially or totally defeated (lost) at some future time
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DELIVERY
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A legally recognized handing over of one's possessory rights to another
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DETERMINABLE ESTATE (FSD)
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An interest in property which may last 4ever, except upon the happening or non happening of a specific event, at which point there is AUTOMATIC TERMINATION
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DOMINANT ESTATE
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An estate whose owners are entitled to the beneficial use of another's property (the servient estate), by way of an easement
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EASEMENT
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A non-possessory right, created by an express or implied agreement, of one owner of land to make lawful and beneficial use of the land of another. PROPERTY RIGHT!
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EASEMENT IN GROSS
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A personal privilege to make use of another's land
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EASEMENT BY NECESSITY
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Easement created by the operation of law w/o a writing, in which the dominant and servient estates must have been held in common o'ship at the time the easement was allegedly created, and in which the easement is strictly necessary for the use of the land--i.e. the land would be practically incapable of use w/o the easement
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EASEMENT BY IMPLICATION
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Easement created by the operation of law w/o a writing, where the dominant and servient estates must have been held in common o'ship at the time the easement was allegedly created, the servient estate was used in an apparent and continuous way such that a quasi easement could be said to exist, and the cont'd use of the quasi easement must be reasonably necessary to the enjoyment of the dominant estate
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EMINENT DOMAIN
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The power to take private property for public use by the state, municipalities, and private persons or corps authorized to exercise functions of public character
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EQUITABLE CONVERSION
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A doctrine providing that a purchaser who has a valid and binding agreement to convey (and thus can compel a conveyance of land in an action for specific performance), be treated as the equitable owner of the property, despite the fact that the purchase price has not been paid. As a result, if the property is destroyed b/4 the price is paid and legal title transferred, the purchaser bears the liability.
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EQUITABLE SERVITUDE
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A covenant that, regardless of w/it runs with the land at law, equity will enforce against the assignees of the burdened land who have notice of the covenant. The usual remedy is an injunction--NOT DAMAGES
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EXECUTORY INTEREST - EI
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A future interest in land held by a 3rd party beneficiary which follows a qualified fee or an interest held by a grantor. 2 Types: Shifting & Springing
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FSA
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The most complete property interest in property law; an estate of infinite duration which can be freely devised or transferred
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FIXTURE
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An item of personal property which b/c part of the real estate because it b/c affixed or attached to the real estate
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FORECLOSURE
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When the mtgor defaults on the underlying debt, the process that terminates the mtgor's right to the property, allowing the creditor to sell the property to satisfy the debt
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HEIR-AT-LAW
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A person who inherits the property of a deceased person under the laws of intestacy. If a valid will devises property to s/o else, the heirs at law will not take
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INTER VIVOS
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During life; used to characterize a transfer of property that is not made in a will
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INTESTATE
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The state of having died W/O a will, so that property distributed by Intestate Succession Laws
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INVERSE CONDEMNATION
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A gov't taking of property w/o the formality of a condemnation proceeding via zoning regulation which is not aimed at protecting the public health and makes a piece of property practically useless or worthless. In such a case, the owner must be duly compensated
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JT
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A single estate in property owned by 2 or more persons each of whom has an equal right in the use and enjoyment of the property and including survivorship rights. Creation requires the presence of the 4 unities: Title, Time, Interest and Possession
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LICENSE
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A right given by the owner of land that permits a person to go onto and use the owner's land. It is revocable at will and is not considered to be a property interest
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LIEN THEORY
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The rule that prevails in a jurisdiction in which title to mortgaged property remains with the m'gor (i.e. the homeowner) pending payment of the note, and the m'gee (i.e. the bank) holds only a lien on the property
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LE
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An interest in property, the duration is which is measure by the lifetime of a person. The measuring life is the grantee's life unless otherwise specified
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Life Estate Pur Autre Vie (LE PUR)
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An interest in property, the duration of which is measured by the lifetime of a person other than whom the property interest is given
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LIFE IN BEING
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Anyone who has been conceived by the time of the grant, preferably someone named in the grant. Used to determine the time period during which an interest must vest to be valid under the Rule Against Perpetuities
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MARKETABLE TITLE
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Title that a reasonably well-informed purchaser would, in the ordinary course of business prudence, be willing to accept. It need not be perfect, but should be free from reasonable doubt , so that it will not expose the party who holds it to litigation
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MORTGAGE
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A conveyance of the interest in land of a debtor to his creditor, intended as a security for the repayment of a loan, usually part or all of the purchase price of the property itself
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NOVATION
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The substitution of a party for one of the original parties to a K, such as a lease, where the original lessee is completely discharged from further liability
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PARTITION
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A judicial separation of the respective interests in land of joint owners or TIC allowing each to take possession of, enjoy and control, his/her separate estate at his/her pleasure. If not feasible, the judge orders a sale and split proceeds
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PERIODIC TENANCY
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A tenancy for a particular period of time, with the expectancy that the period would be repeated
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POR
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The possibility of the return of an estate in land to the grantor, if a specific event should occur or a particular act be performed in the future
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PRESCRIPTION
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A means of acquiring an easement by open, continuous, adverse land use of another over a statutory period (SAME AS ADVERSE POSS)
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PRIVITY
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A r/ship b/w parties out of which there arises some mutuality of interest. 2 types: Horizontal = b/w covenantor and covenantee; Vertical = b/w covenantor and his successor in interest who acquires the property subject to a covenant
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PROFIT A PRENDRE
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Easement right to go on to the land of another and right to sever and own something from the land such as gravel, trees or water
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QUITCLAIM DEED
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A deed that conveys only whatever right title or interest the grantor has, w/o any covenants of title or others representations that the grantor even has any interest w/ever in the property for which the deed was given
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RECORDING
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A means of giving constructive notice of o'ship of an interest in land by placing the deed, easement or evidence of the interest in a public record --Prevents subsequent purchaser or mtgee of the land from qualifying as a bona fide purchaser for value w/o notice. 3 types: Pure Race, Race Notice or Pure Notice
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REMAINDER
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The part of an estate in property that is left over when the immediately preceding estate (LE or TFY) is terminated, IF it is not a reversion in the grantor or grantor's heirs
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RESCISSION
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The cancellation of a K, such as a K for the sale of land, usually by mutual consent
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RESIDUARY CLAUSE
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Clause in a will that conveys to the named beneficiary e/thing in the testator's estate not devised to a specific person or legatee
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RESTRAINT ON ALIENATION
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A restraint on the ability to convey real property interests. Disfavored by law and may be void as against PP (cannot marry)
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RESTRICTIVE COVENANT
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A promise included in an agreement restricting the use of real property or the kind of bldgs that may be erected on it
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REVERSION
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An interest left over when the immediately preceding estate is terminated, and the interest remains in the grantor (i.e. the person who created the immediately preceding estate in s/o else). May include ROE/POR
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ROE
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The resumption of possession by the grantor, pursuant to a right reserved when s/he formerly parted with possession. REQUIRES grantor to assert his/her right by judicial process b/4 the preceding estate is terminated-- NOT AUTOMATIC
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RIGHT OF LATERAL SUPPORT
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Right of an owner of rel property to have his land, in natural condition, supported and held in place from the side by his neighbour's land
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RIGHT OF SUBJACENT SUPPORT
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Right of an owner of real property to have the surface of his land supported by the underlying strata of earth. Where s/one else owns, leases, or has an easement in the areas of land below the surface, the right is to support the land in the condition it was in at the time of the conveyance of the right to subjacent areas
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RULE AGAINST PERPETUTIES
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The rule that no contingent interest is good unless it must vest, if at all, not later than 21 yrs after some life in being at the creation of the interest. Prevents the remoteness of vesting interests in property
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SERVIENT ESTATE
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An estate in land that is subject to use in some way by the owner of another property (i.e. the dominant estate)
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SHEI
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A non-reversionary future interest following an interest in a 3rd party grantee
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SPEI
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A non-reversionary future interest following an interest in the grantor
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SOF
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Rule of law that requires a K affecting an interest in real property to be in writing to be enforceable
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SUBJECT TO DEFEASANCE
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Able to be revoked or defeated upon the occurrence or non-occurrence of some event
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SUBLEASE
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Agreement whereby a tenant grants an interest in the leased premises to the subtenant, where the interest is less than the tenant's entire interest. Original tenant remains primarily liable
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SUBROGATION
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One's p/ment or assumption of an obligation for which another is primarily liable (e.g. the p/ment of another's mortgage debt, which entitles him to a security interest, the mortgage held by the creditor
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SURVIVORSHIP
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A right whereby a person with an interest in property becomes entitled to the whole property by reason of having survived or outlived another person who also had an interest in it
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TENANCY AT SUFFERANCE
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A tenancy that arises when one first lawfully possesses land under a lease and subsequently "holds over" or continues possession beyond the term of the lease
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TENANCY AT WILL
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Leased estate that gives the tenant the right of possession of the property for an indefinite period of time, and either party has the right to terminate upon proper notice. A tenant at will cannot assign his estate to another
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TBE
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Ownership of property by H and W together, which requires 4 unities: Time, Title, Interest and Possession and includes a ROS. Neither party may alienate any part of the property nor sever the tenancy, except through mutual written a/ment, divorce, annulment or death
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TIC
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Interest in land held by 2 or more persons, each having a possessory right to equal use and possession of the land, even if they have unequal shares in the property. NO ROS
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TIME OF THE ESSENCE
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Language employed in lad sale K's that requires performance (closing) by the parties on the date specified. Failure to do so is considered a breach. W/o the language, court will allow a reasonable period following the specified date w/in which to close the K.
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TITLE THEORY
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The rule that prevails in a jurisdiction in which actual title to the mortgaged premises passes to the mortgagee (bank), and passes back to the mortgagor (homeowner) only when full payment is made
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TOUCH & CONCERN
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A requirement for a real covenant to run with the land. The covenant touches and concerns the land when it enhances the enjoyment of one parcel of land by burdening the enjoyment of another
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VESTED
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YOU GOT IT or you are sure to get it, even if you do not know what, when and for how long
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WARRANTY DEED
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A deed that purports to convey property free and clear or all encumbrances, except those noted in the instrument, and usually contains covenants or warranties of seisin, quiet enjoyment, right to convey, freedom from encumbrances, future assurances and defense of title against all others.
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WASTE
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Acts by one rightfully possessing less than a FSA in land (e.g. Life tenant) that decreases the value of the land or value of the FI in the land
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ZONING
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State and local law that controls the use of private land for the protection of the health, safety, morals, and welfare of its citizens but requires compensation if it goes so far as to effect a taking or the property
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