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42 Cards in this Set
- Front
- Back
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A mortage is an agreement between the ___ (debtor) and the ___ (debtee), must be ___ to satisfy the ___, and generally the ___ follows the ___ |
Between mortagor and mortgagee Must be in writing to satisfy SOF Generally the mortgage follows the note |
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In an installment land sale contract, the buyer will ___ while the seller ___. If a payment is missed, seller can keep the property only if it was stated that ___ |
Buyer will take possession Seller retains deed until last payment Missed payment: seller can keep only if stated that "time was of the essence" |
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Property has 3 mortages. M1 goes into default, and foreclosure. M2 and M3 must be ___. Buyer takes property ___. Proceeds pay off ___ then ___ then ___. If run out of money, ___. |
M2 and M3 must be notified. Buyer takes property free and clear of all mortages. Proceeds pay off M1, then M2 and M3, then extra money goes to original debtor. If run out of money, M2 and M3 can get deficiency judgment. |
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Property has 3 mortages. M2 goes into default and forecloses. M3 must be ___. Buyer takes property ___. |
M3 must be notified (junior interest). Buyer takes property subject to M1 (senior interest) |
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Property has 2 mortages. M1 ($100K) goes into default and forecloses. M2 ($50K) is not notified. A buys the property ($200K). M2 can either ___ or ___ |
Either redeem M1 by paying A, and hold both mortgages (but A can pay $100K right back), and A keeps property. Or, foreclose and take property to sell, but A then has a mortgage in the amount that paid above the first mortgage ($100K). And A either has mortgage against new buyer, or can foreclose and recover $100K in new sale. |
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O misses a payment, and the property enters foreclosure. O can ___ to stop the foreclosure, unless there is an ___ in which case ___ is due. The ____ exists up until the ___ (unless there is ___) Or, a statute can provide a ___, which arises ___ and O can ___ |
O can make the payment and penalties. Unless an accelleration clause, entire amt due. Equitable right of redemption exists up until foreclosure sale (unless there is no notice) Statutory right of redemption arises after the foreclosure sale; O has time to force buy back property for what buyer paid for. |
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A vender purchase money mortgage is one where ___; a third party purchase money mortage is ___, and each receives ___ compared to other mortgages, but must be ___ |
Vender: where Seller retains a mortgage from the Buyer at time of purchase Third party: Buyer borrows from third party to buy property, at time of purchase Each gets priority against other mortgages Must be recorded to be effective |
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Future advance mortgage is also called ___ The key is ___, and priority is determined at the time of ___ |
Line of credit (e.g. home equity line of credit) Key is notice (usually recordation) Priority determined at time of arrangement, not when future loan takes place |
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-A owns property, gives B a mortgage (recorded), then sells to C. The mortage ___ -B forecloses. If C took property ___ the mortgage, then ___. If C ___, then ___. -In ambiguous situations, the default is ___ -If A continues to make payments then ___, and if pays in full, then ___. |
-Runs with the land (properly recorded). -A is liable. -If C took "subject to" the mortgage, then A is liable. If C "assumed" the mortgage, then C is primarily liable, but A is also liable. -Default is "subject to" -A makes payments, can get reimbursement from C, or if pays in full, then becomes lender |
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Express easements must be ___ |
In writing to satisfy the SOF |
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The easement equivalent to adverse possession is ___, and arises when a person ___ the land for ___ |
Prescriptive easement Person uses the land for the statutory period |
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Owner's land had a road leading to the back acres, but he subdivides the lot and sells the back half. |
Easement by conveyance or implication 1. Common ownership of dom and serv estate, and then severed 2. Quasi-easement existed on the parcel at time of severance (road to back acres) 3. Reasonable necessity (e.g. landlocked) |
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Owner subdivides estate, sells the back half that has no access to the road. |
Easement by necessity 1. Common ownership severed 2. Strict or absolute necessity |
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For years, people walk through Owner's land to reach the beach. This creates a ___ |
Public use easement |
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Power company can run lines across O's property. This is ___ as opposed to ___ |
Easement in gross Easement appurtenant (dom and serv estate) |
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-A had easement cross a building, collapses. -A had easement by conveyance, then buys the dominant estate -A had an easement, but writes away his rights -RR company stopped using an easement and ripped up tracks -B thinks A has abandoned easement -A tries to transfer his fishing easement to C |
-Destruction of servient estate -Merger -Written release (subject to SOF) -Abandonment: words or conduct showing intent -Estoppel: owner of servient estate reas thinks A abandoned easement -Severance: attempt to sever easement from dominant estate |
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-A has easement to use driveway, B locks the gate, remains for the statutory period -Servient estate sold to BFP (value and takes without notice of easement) -A had landlocked parcel, and resulted in easement. The county builds a road to his house |
-Termination by prescription -Sale to BFP breaks the run with land -End of necessity (only for easements created by necessity) |
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A profit is a ___, a right to ___ such as ___, and can only be created ___ or ___ |
-Supereasement -Go on land and remove something -Like water, timber -Created expressly or by prescription |
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A license is ___, is just ___, does not require ___ but is ___ unless ___ or ___ |
-Step down from easement -Not an interest in land, just permission -Does not require writing, no SOF -But is reely revocable -Unless it's entering land to get an item (harvest) -An executed license: estoppel, rely on permission to enter land
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A sells P1 to B with a restriction; B violates A sells P1 to B with restriction; B sells to D; D violates A sells P1 to B with restriction; A sells P2 to C; B violates A sells P1 to B with restriction; B sells to D; A sells to C; D violates |
-Contracts problem -A can sue D (prove privity: A-B, B-D) -C can sue B (prove privity: A-B, A-C) -C can sue D (prove privity: A-B, A-C, B-D) |
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To run with the land, the covenant must ___, ___, ___, ___ |
touch and concern (benefits dom, restricts serv) Intent to bind future owners (T&C implies intent) Notice (actual, constructive, inquiry) Privity (horizontal: A & B have land connection) Privity (vertical: servient sell all of property to next owner; dominant any transfer) |
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A covenant that runs with the land requires ___ and remedies are ___ An equitable servitude requires ___ and remedies are ___ |
Cov: Requires Privity (PINT), remedies are damages Eq serv: Does not need privity (TIN), remedies are equity and injunction |
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The ___ applies to covs and eq servs, with one exception, ___ |
Statute of frauds Implied reciprocal servitude |
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O subdivides a large estate into 10 lots, sells 9 lots and writes in those deeds can only use for residences. The 10th deed contains no restriction. |
-Implied reciprocal servitude -Restriction part of common scheme/plan for development of the area -Current owner took with notice (inquiry = seeing everyone else building only residences) |
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A & B are next door. -B excavates. A's land subsides. -B excavates. A's house subsides.
B has mineral rights to A's land. A had a house. A builds house 2 after mineral rights granted. -B excavates. A's land subsides. -B excavates. A's two houses subside.
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-Strict liability (land in natural condition) -Negligence (land improved, and caused subside)
-Strict liability -Strict liability to House 1; neglignece to House 2 |
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Upstream riparian owner was there first but is taking an unreasonable amount of water. Downstream owner objects. |
Majority: all owners have reasonable right to water. Downstream can sue for injunction or damages. Minority: first come and make use, first in right |
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Buyer purchases Seller's wheat crop. -Seller harvests the crop before delivery. -Seller sells crop while wheat still growing. |
-Sale of goods, contracts question under UCC -Sale of real property, property question |
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T leases property for 1 month Creates a ___, can be ___ unless ___ |
Tenancy for years Can be oral Unless greater than a year-long |
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T leases property for indefinite time, renews each period. Creates ___, by either ___ or ___ Terminates on ___, which must be ___ but not greater than ___ |
Periodic tenancy Either express agmt or by holdover tenant Terminates on either side giving proper notice Must be at least length of period, not greater than 6 months notice. |
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T has month-to-month tenancy, rent due on first of the month. Gives notice on Feb 15th. |
Common law: notice fails completely Modern: notice takes effect on March 1 |
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T has oral agmt with LL to lease for 3 years. Creates ___ until ___ at which time it becomes ___ Terminates on ___, ___, or ___ |
Oral agmt for 3 years fails Tenancy at will (fragile) Until T pays rent & LL accepts then becomes periodic tenancy. Terminates on will, death of LL or T, or any attempt to transfer interest |
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T has tenancy for years, which expires, but T does not move out. -LL accepts rent -LL does not accept rent |
-Shows LL wants T to remain, becomes periodic tenancy (period = length of expired lease up to a year (CL), or period for which rent due (modern)) -Shows LL does not want T to remain; becomes tenant at sufferance (tresspasser) |
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How much owed to LL? -Tenancy for years -Periodic tenancy -Tenancy at will -Tenancy at sufferance, turns into periodic T -Tenancy at sufferance, turns into tresspasser |
-T owes years remaining. CL: LL goes to ct each month. Modern: get all $, but must mitigate -Rent through notice period -Usually no rent due -Rent that paid on prior lease, even if property value and reasonable rental rate increased -Reasonable rental rate |
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T1's lease expires, but does not leave. LL rents to T2. |
Majority: LL must deliver possession. T2 is excused from rent until LL gets T1 to leave. American rule: T2 has obligation to take possession, still liable for rent |
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-LL keeps items everywhere on the property, making impossible for T to keep his stuff there. -LL keeps some items, but there's room for T -LL refuses to repair the whole roof after a hurricane; T moves out -LL refuses to repair the roof in the spare room
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-Total actual eviction (physically removed): don't have to pay any rent -Partial actual eviction (physically removed): don't have to pay any rent -Total constructive eviction (T must move out in reasonable time): don't have to pay any rent -Partial constructive eviction: rent abatement |
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-T rented land with house; house burned down -T rented apartment in building; building burned down |
-CL: T must pay rent. Modern: T excused (unless T responsible for destruction) -CL: T excused. Modern: excused (unless responsible) |
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If the rented premises are not livable, this violates the ___, and the T must ___, and may ___, but does not have to ___ Majority: Minority: |
Warranty of habitability T must give LL notice, allow reasonable time Eventually may remedy and offset rent due Does not have to move out Majority: residential leases only Minority: also commercial leases |
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LL may retake possession if ___ At common law, LL could use ___; modernly can only use ___, where LL must ___, there will be a ___ and T may be ___. But it can't be a ___ |
-If T commit material breach of lease -LL could use reasonable force -Modern: must use legal process -LL must give notice, there's a hearing, T may be evicted -But can't be a retaliatory eviction |
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-T adds freestanding bookshelves and cabinets to the house -Same but T is a carpenter
Results at common law & modernly When must fixtures be removed? |
-CL: T can take shelves (cabinets affixed) -CL: T can take shelves & cabinets if won't substantially damage property -Modern: T can take anything affixed if leave property in substantially same condition -Must remove before end of lease, or more time if tenancy-at-will or life tenant (don't know when will terminate) |
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T pays Larry rent on the first of each month. Larry collects rent and then sells the property on Feb 2 to Lloyd. Who is entitled to the rent? |
Larry, rent is due when rent is due. Sorry, Lloyd. |
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T rents from LL. -T subleases to Terry. -T assigns to Terry. -T assigns to Terry, obtains novation from LL. -T assigns to Terry. Terry assigns to Theresa |
-LL may sue T for rent on privity of contract and privity of estate. -LL may sue T on privity of contract; LL may sue Terry on privity of estate. -LL may sue Terry only. -LL may sue T on privity of contract; LL may sue Theresa on privity of estate.
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T rents from LL. -Lease prohibits subleases. T assigns. -Lease prohibits subleases and assignments without LL's consent. T asks for consent. -Lease prohibits subleases. T asks, and LL waives -Lease prohibits assignments. T asks and LL waives. -Lease prohibits assignments. T asks and LL waives, but says 'this time only' |
-Valid. Lease restriction must specify both. -LL must give or withhold consent in good faith -Waiver good for that sublease only -Waiver extended for duration of lease -Waiver good for that assignment only |
