Property Flash Cards 21

Front 1

This section is about RECORDING ACTS

Back 1

(1) Common Law

(2) Race

(3) Notice

(4) Race-Notice

Front 2

Significance of Record Notice

Back 2

If you buy a property, and there are limitations attached, there must be some type of notice available to you.

Front 3

Significance of Record Notice

If there are _______(1)________, it must be in the record for the _____________(2)__________ to be bound by the past encumbrances.

Back 3

(1) Encumbrances attached to the land

(2) New buyer

Front 4

Issues with Notice Arise in this Scenario

Back 4

Seller frauds one party and sells the property twice

Front 5

RECORDING ACTS

Common Law

Back 5

1st to get Conveyance Document Wins

Front 6

RECORDING ACTS

Under the common law rules, the _______(1)_________ is what is important, not the _______(2)_________.

Back 6

(1) Date of the deed

(2) Date of the recording

Front 7

Under Common Law Rules, it doesn't matter who _______(1)_________, it matters who gets ______(2)_______.

Back 7

(1) Records First

(2) The Deed First

Front 8

RECORDING ACTS

COMMON LAW: Stops the questioning here

Back 8

Who was conveyed it first from the original owner?

Front 9

RECORDING ACTS

RACE NOTICE

Back 9

Between successive purchasers, the person who records first prevails

Front 10

Race Notice is the ___________________ Rule

Back 10

Minority (Only 2 jurisdictions have this)

Front 11

Under Race Notice, between successive purchasers, this party wins

Back 11

The person who records first

Front 12

RACE Notice

Whoever wins the race to record wins, even if the person who records first ____________________________.

Back 12

Knows about an earlier conveyance.

Front 13

RACE Notice is similar to 1st in time, but it’s all about who _____(1)________, not who ______(2)__________.

Back 13

(1) Records first

(2) Gains title first

Front 14

Under Race Notice, this is all that Counts

Back 14

Whoever Records First... No Questions Asked

Front 15

NOTICE JURISDICTION

Empowers Later Purchase, who wins so long as

Back 15

(1.) She buys later

AND

(2.) She does not have notice of earlier conveyance

Front 16

Under Notice Jurisdiction, the winner just needs to be the _______(1)__________ and not have ________(2)________, regardless of whether they ever _______(3)__________.

Back 16

(1) Later Purchaser

(2) Notice of an earlier conveyance

(3) Record their deed

Front 17

NOTICE JURISDICTION

The second buyer must not have notice of an earlier conveyance, and ___________ count for notice

Back 17

All three types of notice

(1) Actual
(2) Inquiry
(3) Record

Front 18

Important note for Notice Jurisdiction

Back 18

If later purchaser could have found out about earlier transaction through proper title research, then she is imputed with knowledge.

Front 19

For a later purchaser to prevail in a Notice Jurisdiction, it is essential that the earlier purchaser did not do this...

Back 19

Record their deed

Front 20

Notice Jurisdiction is the only jurisdictional situation where this is not required

Back 20

A recording of the deed (just requires no earlier recordings)

Front 21

In a Notice Jurisdiction, subsequent purchaser prevails over an earlier purchase only if the subsequent purchaser did not have __________________.

Back 21

Notice of the earlier conveyance.

Front 22

Notice statutes protect any purchaser without notice against _______(1)_________ even if the purchaser does not ________(2)_________.

Back 22

(1) Prior unrecorded interests

(2) Record First

Front 23

Example of Notice Jurisdiction (Dubs v. Hex)

Back 23

I receive property second and have no notice that the property had been conveyed to Hex, whether I record first or not.

Front 24

Race-Notice Jurisdiction

Later Purchasers Wins If

Back 24

(1) She is a later purchaser

(2) She does not have notice of earlier conveyance

AND

(3) She has to have recorded it first!!

Front 25

Under Race-Notice Jurisdiction, the later purchaser has two major requirements

Back 25

(1) Can't know about earlier conveyance (no available notice)

(2) Must record first

Front 26

Under Race-Notice Jurisdiction, if a later purchaser is conveyed property and is unaware of an earlier conveyance, but the person who had the earlier conveyance records before the later purchaser, who wins?

Back 26

Earlier Purchaser -- They recorded first

Front 27

Race-Notice Jurisdiction only sets up the requirement for notice for the ____________________.

Back 27

Later Purchaser

Front 28

Race-Notice

The subsequent purchaser prevails over prior unrecorded interests only if:

Back 28

(1) She had no notice of the prior conveyance at the time she acquired her interest

AND

(2) she records before the prior recording instrument is recorded.