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48 Cards in this Set

  • Front
  • Back
Legal Aspects - Property
Rights ir intrests in the thing owned.
Leagal Aspects - Property

Real Property
Immovable
Barring Wall
Not Lease Hold Estate
Leagal Aspects - Property

Fixtures
Incorporated into land
Not Cost
Not time of attatchment
Leagal Aspects - Property

Fixtures - Trade Fixtures
Business Office
Leagal Aspects - Property

Run with the Land
Easements, water company, stocks, covienance, minerals

No seperate covinance
Leagal Aspects - Property

Personal Property
Hypothacated, alienated, become real propery
Leagal Aspects - Estates

Fee Simple Estate (Fee Estate)
Indefinate Duration
Freehold Estate
Most Intrest
Not Free of Encumburances
Inheretance
Leagal Aspects - Estates

Fee Simple Defeasible
No Alcohol


(church)
Leagal Aspects - Estates

Life Estate, Property of Leased
Owner dies, lease terminates
Leagal Aspects - Estates

Less-Than-Freehold Estates (Leases)
Lessees
Not necessary to sign
6 months - estate for years
Personal property, chatel real
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

Sublease
Transfers pocession
Can sublease or assign if not mention
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

Quiet Enjoyment
Paramount Title
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

Abandonment
Tenant leave voluntarily
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

Percent lease
Based on gross reciepts
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

Security Deposits
Furnished or Not
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

Estate for years
fixed period
Leagal Aspects - Estates

Less-Than-Freehold Estate (Leases)

License
personal, revokable
Leagal Aspects - Title Vesting
Tenancy = method
Leagal Aspects - Title Vesting

Severalty
individual; sole ownership
Leagal Aspects - Title Vesting

Joint Tenancy (TTIP)
Equal interest
One title
Cannot Will
Free of unsecured debts
Leagal Aspects - Title Vesting

Tennacy in Common
Can convey seperatley
Unity of posession
Leagal Aspects - Title Vesting

Community property
Husband & Wife
Leagal Aspects - Title Vesting

Community propery

Agreement to sell
Unenforceable

(sales contract)
Leagal Aspects - Transfer of Title

Cloud on Title
Single woman married
Leagal Aspects - Transfer on Title

Quiet Title Action
remove a cloud
Leagal Aspects - Transfer on Title

Alienation
Opposite of acquisition
Convey
Leagal Aspects - Transfer on Title

Eminent Domain
For public use, taken by the government
Individuals dont have
Owner must be paid just compensation
Leagal Aspects - Transfer on Title

Police Power
zoning
Leagal Aspects - Transfer on Title

Escheat
Individual cant use
Leagal Aspects - Transfer on Title

Accretion
natural causes
Leagal Aspects - Transfer on Title

Avulsion
Dam braeks
Leagal Aspects - Transfer on Title

Probate Sale - Commision -
Set by court
Leagal Aspects - Transfer on Title

Intestate succession
no will (no heirs)
Leagal Aspects - Deeds

Purpose
Transfer Intrest
Leagal Aspects - Deeds

Grant Deed
Executed when signed by grantor
Not neccessary to be recorded
Leagal Aspects - Deeds

Quitclaim Deed
Conveys rights of grantor
No covenience - covenance?????
Leagal Aspects - Deeds

Deed Essentials
Granting clause
Legal compitance of grantor
Not acknowleged
Delivered and accepted
Leagal Aspects - Recording

Constructive Notice
Given by recording
First to process or record gets property
Leagal Aspects - Recording

Acknowledgement
Employee with out intrest
Emcumbrances
Limits Title
Encumbrances - Easements
Encumbered
Encumbrances - Easements

Prescriptive Easements
No confrition with owner
Can easily be terminated for non use
Encumbrances - Easements

Termination of Easements
Dominant tenant records quitclaim deed

??? Spelling
Encumbrances - Easements

Appurtenant Easements
Buyer has same rights
Encumbrances - Easements

Confirmed by
Quiet title suit
Encumbrances - Restrictions
Most restricted restriction restricts
Encumbrances - Restrictions

Private Restrictions
Fifteen thousand sq ft (15000 sqft)
Grantor or developer
Encumbrances - Restrictions

Private Restrictions

Condition
Penalties are more severe