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8 Cards in this Set
- Front
- Back
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A life tenant is obligated to pay all ordinary taxes on the land to the extent of the income or profits from the land
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Tax sales from unpaid taxes cut off the interest of the remaindermen
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An inter vivos conveyance of a percentage of land by all joint tenants severs the joint tenancy only as to that percentage
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Conveyance of a percentage of land by joint tenants to two or more people at different points in time creates a tenancy in common
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A creation of a joint tenancy requires 4 unities
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(i) Time (interests must vest at the same time); (ii) Title (interests must be acquired by the same instrument; (iii) Interest (interest must be of the same type and duration); (iv) Possession (interest must be of identical rights of enjoyment). A joint tenancy results only when an intention to create a right of survivorship is clearly expressed. When 2 or more persons take property by a single conveyance, a tenancy in common is presumed rather than a joint tenancy
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A purchase money mortgage (PMM) is a mortgage given to a third party lender who is lending funds to allow the buyer to purchase a property
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A PMM has priority over PRIOR non-PMMs on the property, even if such mortgages or liens are recorded first. However, PMM priority is subject ot being defeated by SUBSEQUENT mortgages or liens by operation of RECORDING ACTS
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A court will imply a covenant (known as a reciprocal negative servitude) where evidence shows that the developer had a scheme for development when sales began and the grantee in question had notice of the plan
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The covenant protects the parties who purchased in reliance on the scheme. Evidence of the scheme can be obtained from the general pattern of other restrictions and notice can be from actual notice, record notice, or inquiry notice. Inquiry notice may be satisfied where there is a uniform residential and commercial character of other lots in a development
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What is a covenant?
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Covenants usually are made in conjunction with a lease, deed or other instrument; they promise some act or forbearance made with respect to property and are generally not used to grant rights for access to property. Such grants of access are the province of easements.
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A special warranty (where permitted by statute) deed creates NO limited assurances against ACTS OF THE GRANTOR, not his predecessors, that (i) prior to the time of the execution of such conveyance, the grantor has not conveyed the same estate or any interest therein to any person other than the grantee; and (ii) the estate conveyed is free of encumbrances made by the GRANTOR.
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A statutory warranty (like a special warranty) deed does NOT contain the covenants of quiet enjoyment and warranty. Those covenants, contained in a general warranty deed, are breached when a third party interferes with the possession of the grantee or her successors.
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There is an implied warranty in EVERY land sale contract that at closing the seller will provide the buyer with marketable title (i.e. title that a reasonably prudent buyer would accept in the exercise of ordinary prudence).
A claim that someone OTHER THAN THE SELLER holds paramount title to the land would render title unmarketable. |
However, at closing the contract merges with the deed so that the seller is no longer liable on the implied contractual warranty of marketable title.
The buyer however may still have an action for violations of promises made in the deed (e.g. via aspecial warranty). |
