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172 Cards in this Set
- Front
- Back
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Absolute Deed (Equitable Mortgage) |
Conveyance of title to real property with a promise by grantee to return it when a debt obligation is repaid Functionally creates a mortgage relationship between grantor & grantee |
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Adverse Possession |
Acquisition of title to real property by actually, exclusively, openly, adversely, and continuouslypossessing property for a long period of time 1. Actual and Exclusive 2. Open and Notorious 3. Adverse (Hostile) 4. Continuous for Statutory Prd (usually 20 yrs) * Can file ejectment to remove before satisfied |
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Affirmative (Voluntary) Waste |
The consumption or exploitation of natural resources on a piece of real property by a P who owns a present possessory interest but not all future interests * Can't make a new wasteful use of property but ex. where mine already on the property can continue to use it |
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Affirmative Easement (Positive Easement) |
A right to enter (right of entry) onto a servient tenement and use it in some way |
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Ameliorative Waste |
Acts that economically benefit property but substantially change it so that a future interest holder will receive the land in a different (but perhaps better) condition than anticipated *Exception for change in accordance with substantially changed conditions of surrounding area rendering previous state of little value |
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Assignment |
With respect to leased property, a tenant’s complete transfer to another person of the entire remaining term of his lease * New T is liable for rent directly to L * Original T still remains liable to L when rent is not paid |
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Avulsion |
A sudden, perceptible change in the shape of a watercourse (such as a river). |
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Bona Fide Purchaser |
A person who gives valuable consideration (usually money) for property and has no notice of any prior conveyances of the property to other people |
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Chain of Title |
A series of transactions in a single piece of real property that proves ownership of the property |
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Class |
A group of people with a common characteristic. * In a gift of real property to a class, the share of each member of the class is determined by the # of persons in the class * Classes close when transfer occurs, subsequent additions to class won't get a share |
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Common Areas |
Portions of residential property that are used by multiple tenants renting different units in the samebuilding, such as hallways in an apartment building. |
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Common Enemy Theory |
A legal rule that allows any landowner to build structures that divert surface water away from the landowner’s property |
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Common Scheme |
A plan to create similar types of property in a particular area, such as only single family homes |
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Concurrent Estate (3 Types) |
Estate simultaneously held 2+ co-owners w/: - - Right to possess the entire property - Duty to pay share of maintenance costs - Share in profits derived from property (rent only shared by possessing co-owners) (1. Tenancy in Common;2. Joint Tenancy; 3. Tenancy by the Entirety) Ct dissolution = proport. shares property or revenues from forced sale |
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Constructive Eviction |
Landlord's breach of a legal duty that leaves the property in a condition unfit for human occupation * Constructive eviction breaches the covenant of quiet enjoyment. |
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Constructive Notice |
The idea that the whole world has notice of properly recorded real estate transactions, so a person who fails to conduct a title search nonetheless has notice of any transactions that a title search would have revealed |
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Contingent Remainder |
A remainder (future interest in a life estate) that is dependent on the occurrence of a specific event before its holder can obtain possession Only ripens if the condition is met |
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Conveyance |
The transfer of rights to real property, usually by sale or gift |
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Cooperative |
A piece of real property (usually a building) that is owned by a corporation that leases individual apartments to shareholders of the corporation |
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Covenant of Further Assurances |
A promise that the grantor of real property will perform whatever acts are reasonably necessary to resolve any problems with the title to the real property conveyed |
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Covenant of Quiet Enjoyment |
An unwritten promise in every lease that neither the landlord nor anyone else will interfere with a tenant’srights to use and possess the property during the term of the lease * Implied in every lease Remedies for breach: terminate lease, stop paying rent, sue for monetary damages |
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Covenant of Seisin |
A promise that the grantor of real property has the rights in the property that she purports to convey |
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Covenant of Warranty |
A promise that the grantor of real property agrees to defend the validity of title to the property on behalf of the grantee |
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Cy Press |
A rule allowing courts to carry out the intent of P who wrote a document, as near as possible, when literal application of the language in the document could not be given effect
* Used to allow courts to avoid the strict applicability of laws like the Rule Against Perpetuities |
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Deed |
Document that transfers rights in real property from 1 P to another 1. Signed by transferor 2. Identify transferor & transferee 3. Describe the land * Conveys real property when delivered & accepted |
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Deed in Lieu of Foreclosure |
A deed issued by a mortgagor to a mortgagee in exchange for cancelation of the mortgage debt |
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Deed of Trust |
A security interest in which the deed to the property is held by a 3rd Party until a debt is paid |
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Defeasible Fee |
Estate (present possessory interest) in land of potentially infinite duration that can be terminated by the happening of a specified event 1. Fee Simple Determinable 2. Fee Simpel Subject to Condition Subsequent 3. Fee Simple Subject to Executory Interest Future interest will divest present possessory interest if condition occurs |
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Deficiency Judgment |
A court order requiring a person who has lost property in foreclosure to pay the difference between the amount owed to the lender and the amount of money that the foreclosure sale produced when theforeclosure sale failed to produce enough money to pay the entire debt |
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Delivery |
An act by a transferor of real property signifying an intent to convey rights in the property to another person |
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Descendible |
Capable of being inherited |
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Devisable |
Capable of being given away in a will |
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Doctrine of Equitable Conversion |
A rule of legal interpretation that places the risk of damage to real property on the B in the period of time between the signing of a land sale K and the closing date |
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Doctrine of Part Performance |
SOF Exception that makes an unwritten conveyance valid when certain circumstances of the conveyance make clear that the conveyance occurred |
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Doctrine of Worthier Title |
A rule of law that provides that courts should generally construe remainders in a grantor’s heirs as simply a reversion held by the grantor |
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Dominant Tenement |
A tract of land benefited by an easement (appurtenant) over a servient tenement |
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Due-on-Sale Clause |
A term in a mortgage that requires that the mortgage be paid if the property is sold |
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Easement |
An interest in land giving the easement holder a right to use a tract of land for a special purpose Main types: 1. Easement Appurtenant; 2. Easement in Gross Creation: express; implied; prescription Termination: release; merger; abandonment (last indefinitely unless K creating specifies) |
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Easement Appurtenant |
An easement that benefits its holder in her physical use or enjoyment of another tract of land * Right attached to the dominant tenement * Runs with the land on transfer/sale even if not express in the deed * Burdened land is servant tenement |
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Easement in Gross |
An easement that benefits its holder independently of that person’s ownership of any other tract of land * Benefits a P, not associated with the ownership of any land (no dominant tenement) * Can be sold |
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Encumbrance |
Something that makes title to property unmarketable, such as a mortgage, lien, easement, or covenant |
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Equitable Servitude |
A promise related to real property that is enforced by a court order to do or not to do something (injunction) * Benefit & burden of promise often run with the land when ownership changes * Distinction from real covenants based on remedy |
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Equitable Vendor's Lien |
A security interest held by a S who helps finance the sale to the B |
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Estate |
A right or a group of rights to possess real property 2 Types: 1. Present Estates (present right to possess) 2. Future Estates (future right to possess) |
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Estoppel by Deed |
A rule of legal interpretation automatically conveying an interest in land to a transferee when a transferor previously purported to convey the interest, did not actually own the interest at the time, but subsequently acquired it. |
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Evict |
To force a person in possession of real property to leave the property (usually must be done with a court order and the assistance of a law enforcement officer). |
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Executory Interest |
Any future interest in a transferee other than a remainder. In other words, an executory interest is a future interest in a transferee that divests (cuts short) the interest of another person. |
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Exoneration |
A rule of legal interpretation, existing only in a few states, under which if mortgaged real property is given away by will, the mortgage is paid using the testator’s other assets. |
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Fair Housing Act |
A law that bars discrimination based on race, ethnicity, religion, national origin, gender, and disability inthe sale or rental of residential real property. |
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Fee Simple Absolute |
An estate (present possessory interest) in which the Owner owns all of the rights to a piece of real property (whole "bundle of sticks") |
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Fee Simple Determinable |
A defeasible fee (present possessory interest) that automatically terminates upon the occurrence of a specific event Corresponding future interest is a reversionary interest always held by the original grantor |
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Fee Simple Subject to an Executory Interest |
A defeasible fee (present possessory interest) that, upon the occurrence of a specific event, terminates, transferring the property to someone other than the grantor Corresponding future interest is an executory interest (NOT reversionary interest) bc it doesn't belong to the original grantor |
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Fee Simple Subject to Condition Subsequent |
A defeasible fee (present possessory interest) that allows the grantor the option of terminating the estate on the occurrence of a specific event Corresponding future (reversionary) interest is a possibility of reverter to the original grantor |
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Fee Tail |
A type of estate that limits inheritance of the property to the lineal descendants of the grantee * Abolished in most states |
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Fixture |
A piece of personal property that has been so affixed to real property that it has ceased being personal property and has become part of the real property |
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Forcible Entry Statute |
A law that usually requires landlords to file a legal proceeding and obtain a court order to evict tenants |
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Foreclosure |
The process by which a lienholder forces the sale of real property in order to collect the proceeds of the sale * All states allow judicial foreclosure (judge determines Ps rights & property sold at public auction) * Some states allow less formal sale of property by mortagee |
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Four Unities |
A rule of law, still followed in some states, providing that a joint tenancy only exists if co-owners obtained interests: 1. At the same time 2. By the same instrument 3. Interests of the same type/duration 4. Each received identical rights to possess the property |
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Freehold Estate |
An antiquated term for all estates in real property other than leasehold estates |
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Future Interest |
A right in real property that does not entitle the owner to possess the property immediately, but will or may give the holder of the interest possession in the future |
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General Warranty Deed |
A deed in which the transferor promises that she has title to the property, she has the right to convey the property to others, there are no encumbrances on the property, and that if the validity of the title is challenged in a lawsuit, she will defend the validity of the title in court |
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Grantee |
P who receives real property from another P AKA Transferee |
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Grantor |
P who conveys real property to another P AKA Transferor |
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Hold-Over Doctrine |
A rule of law that gives a landlord the right to choose whether to evict a tenant who continues to possess property after her right to possess expired or to hold the tenant to a new periodic tenancy |
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Horizontal Privity |
A description of the legal relationship that exists between parties who agree to create a real covenant at a time when they share some interest in the land, such as grantor-grantee, landlord-tenant, or mortgagor-mortgagee |
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Implied Warranty of Habitability |
An unwritten promise in all residential leases in most states that gives tenants certain rights (such as to terminate the lease or withhold rent) if the landlord fails to maintain the property at the level of the localhousing code (or at a level required by some other standard) * Residential- satisfy local housing code *Commercial- may not deprive tenant of use |
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Indefeasibly Vested Remainder |
A remainder in which the holder is a specifically identifiable person who is certain to acquire possession of the property upon the termination of the prior estate |
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Inquiry Notice |
The idea that a B of real property is generally expected to inspect the property before buying it and, asa legal matter, has notice of any defects a reasonable inspection would uncover |
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Installment Land K |
A conveyance of land under which the B agrees to make periodic payments to the S |
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Inter Vivos Transfer |
A transfer of property that occurs during the transferor’s lifetime |
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Intermediate Theory |
A legal rule followed in a few states that treats a mortgagor as the owner of real property until he defaults on the mortgage and then treats the mortgagee as the owner |
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Joint Tenancy |
A concurrent estate in which each co-owner has a right of survivorship (surviving owner automatically absorbs a dying owner's share of the property) * Must be expressly created when co-owners acquire property * Broken when 1 joint tenant transfers their interest in the property |
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Latent Defect |
A dangerous condition on real property that is invisible or not easily discoverable |
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Leasehold |
An estate in land held by a tenant who has a (temporary) present possessory interest and a landlord has a reversion - Created by K or implied by law 1. Tenancies for years 2. Periodic tenancies 3. Tenancies at will |
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License |
A revocable privilege to go on land owned by another person * Easy to create & easy to destroy (House guest, ticket holder, etc.) * SOF violation of easements creates license |
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Lien |
An encumbrance on real property that allows the holder of the lien to force a sale of the property andretain some or all of the proceeds of the sale to satisfy a debt |
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Lien Theory |
A legal rule followed in most states that treats a mortgagor as the owner of real property and a mortgagee as a lien holder * Mortgagees do not get possession until after foreclosure proceedings |
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Life Estate |
An estate (present possessory interest) that lasts until a specific P's death (usually possessor) - Temporary right of possession - Duties to future interest holder (no "waste") Corresponding future interest is a remainder - Rule Against Perpetuities may apply if remainder is not certain (contingent or subject to open) |
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Life Estate Pur Autre Vie |
"For life of another" A life estate that lasts until the death of a P other than the owner of the life estate |
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Marketable Title |
Title to real property that is reasonably free from a risk of litigation over the validity of the title * Generally involves title to a fee simple absolute in the property * S must make sure she is able to convey all rights in the property otherwise B may cancel * S can cure between signing and closing |
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Marketable Title Act |
A law stating that defects in title that are really old (for example, more than 40 years old) are no longer valid, so they do not destroy marketable title |
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Mortgage |
A voluntary security interest created by a debtor and creditor usually giving the creditor a lien on the real property * Btwn signing and closing typical: B agrees lending w/ bank; S arranges any existing mortgages to be paid with proceeds from sale * Bank can force public sale and use proceeds to recover in default event |
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Mortgagee |
Someone (usually a bank or lending institution) that owns a security interest in real property and has theright to receive payments from a mortgagor |
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Mortgagor |
An owner of real property who owes mortgage debt to a bank or lending institution |
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Natural Flow Theory |
A legal rule that allows an owner of land that borders a body of water to use the water as long as the use does not substantially or materially diminish the quality, quantity, or velocity of the water |
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Negative Easement |
A right to compel the possessor of a servient tenement to refrain from engaging in an activity on the servient tenement that, were it not for the existence of the easement, he would have the right to do |
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Notice Statute |
A recording act under which a subsequent bona fide purchaser prevails over a prior grantee who failed to record * New purchaser must have hat no notice of prior deed (& must have inspected available records) |
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Nuisance |
The invasion of real property by intangibles (such as odors or noises) that substantially and unreasonably interfere with the owner’s use or enjoyment of her property |
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Open Mines Doctrine |
(Usually, the holder of a present possessory estate can't extract natural resources to the detriment of future interest holder) Open Mines Exception: If "mining" was done on the land before the owner of the current PPI possessor received property, she can continue to "mine" the property but only "mines already open" |
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Option |
A contractual right to purchase property at a particular price or at a particular time |
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Ouster |
The wrongful exclusion of one co-owner by another co-owner of a concurrent estate |
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Partition |
A court order dividing a concurrent estate amongst its owners or forcing the sale of the property anddividing the proceeds of the sale amongst the co-owners |
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Periodic Tenancy |
A leasehold that has no fixed duration, but automatically renews at the end of a regularly occurring period of time, such as month to month or year to year - Proper notice required to terminate (<1 yr = 1 full period in advance) (1yr+ = 6 mo.) - Express agreement, implied if no termination date set, or arise by law (hold-over/SOF violation) |
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Permissive Waste |
Failure to maintain property by making repairs or by paying certain expenses (mortgage interest, propertytaxes, etc.) to the detriment of a future interest holder |
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Possibility of Reverter |
A reversionary interest in land that automatically gives the holder of the interest the right to possess theland on the occurrence of a specific event Corresponding present possessory interest = Fee Simple Subject to Condition Subsequent |
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Prescriptive Easement |
An easement that arises as a result of a person’s continuous, open, and adverse use of property for a long period of time (usually 20 years) * By failing to prevent, O loses the right to do so |
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Prior Appropriation Doctrine |
A system of legal rules that treats water as initially owned by the state government, which can convey the right to use the water to individuals |
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Profit (Profit a Prendre) |
A right to enter on another person’s land and remove natural resources such as oil, wildlife, or timber * B of a profit only buys the right to take the resources not the land |
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Purchase Money Mortgage |
A mortgage that was given for the purpose of allowing a B to purchase the real property to which the mortgage is applicable |
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Quitclaim Deed |
A deed in which the grantor makes no promises that he actually owns any rights in the property, but conveys whatever rights the grantor happens to have in the property * Commonly used when property is given away as a gift |
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Race Statute (Pure Race Statute) |
A recording act under which deeds recorded first have priority over later-recorded and unrecorded deeds * Notice is irrelevant * Very few states have pure race statutes |
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Race-Notice Statute |
A recording act under which a subsequent bona fide purchaser prevails (has priority in the land over aprior grantee) only if she records her deed before the prior grantee records his deed * Must have had no notice of the prior deed & record first |
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Real Covenant |
A written promise to do (or not to do) something associated with land * Benefit & burden of promise often run with the land when ownership changes Remedy: Money damages for violation |
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Real Property |
Land and everything permanently attached to land (such as buildings) |
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Reasonable Use Theory |
A legal rule that allows an owner of land that borders a body of water to use the water in a reasonableway |
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Recording Act (Recording Statute) |
State law requiring a grantee of real property to make some sort of recordation so as to give notice to the world that title to certain property has been conveyed (protect from competing claims) Types: 1. Notice Statute 2. Race-Notice Statute 3. Race Statute |
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Redemption |
A mortgagor’s right to pay off a mortgage in order to obtain clean (marketable) title to real property |
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Remainder |
A future interest in a transferee that follows the natural termination of the preceding estate (usually a life estate) |
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Rent |
Money that must be paid by a tenant to a landlord in exchange for the right to possess the property * Tenant's primary duty is to pay rent * Failure to pay gives landlord right to terminate a leasehold (but must give notice) |
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Retaliatory Eviction |
A landlord’s forcible removal of a tenant from real property because the tenant reported a housing code violation or exercised some other legal right related to the property. Retaliatory eviction is legally impermissible. |
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Reversion |
A type of reversionary interest that remains in the grantor when the grantor transfers something less thanhis entire estate (such as a lease for years or a life estate). |
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Reversionary Interest |
Any future interest held by a grantor |
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Right of Entry |
A reversionary interest that gives the holder of the interest the right to choose whether to take possession of real property on the occurrence of a specific event |
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Right of First Refusal |
A right to purchase property if the S receives a 3rd Party’s offer to purchase, usually on the same terms as the third party’s offer |
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Right of Survivorship |
A right to receive a co-owner’s interest in a piece of property upon the death of the co-owner |
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Riparian Doctrine |
A system of legal rules that treats the owners of the land bordering a body of water as the joint owners of the water |
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Ripen |
A term used to describe a future interest transforming into a present possessory interest. For example, a remainder ripens into a fee simple absolute when the holder of the life estate dies. |
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Rule Against Perpetuities |
A rule of law providing that no interest in property is valid unless it must vest, if at all, not later than 21years after one or more lives in being at the creation of the interest * Reversionary interests = vested (doesn't apply) * May only apply to unvested executory interests or uncertain remainders |
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Rule Against Restraints on Alienation |
A rule of law that, in general, requires the free transferability of real property * Total restraints on a fee simple are void *Reasonable partial restraints sometimes valid |
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Rule in Shelley's Case |
Rule of law abolished in most states: If a conveyance gives A a life estate and gives A’s heirs a remainder; A instead of A’s heirs receives the remainder (so A ends up with both a life estate and the remainder). Then, under the merger doctrine, A ends up with a fee simple absolute. |
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Rule of Destructibility of Contingent Remainders |
Rule of law abolished in most states: The rule destroys a contingent remainder if thespecific event necessary for the holder to take possession does not occur before the conclusion of the preceding estate. |
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Run With the Land |
A phrase used to describe a real covenant or equitable servitude that remains associated with the real property itself, no matter how many times the real property is sold or conveyed. |
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Sale-Leaseback |
A conveyance of title to real property coupled with a lease to the real property that functions to create a mortgage relationship between the two parties involved. |
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Security Interest |
An interest in real property that allows the holder to force the sale of the property if a loan or debt is notpaid. |
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Servient Tenement |
A tract of land burdened by an (appurtenant) easement |
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Severance |
With regard to concurrent estates, the conversion of a joint tenancy into a tenancy in common. |
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Shifting Executory Interest |
An executory interest that cuts short a prior estate created by the same conveyance. |
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Special Warranty Deed |
A deed containing some, but not all, of the promises in a general warranty deed |
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Specific Performance |
A court order requiring one person to perform acts required under a K, such as to convey a piece ofreal property to another person when the owner signed a K to sell the property and breached the K |
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Springing Executory Interest |
An executory interest that follows a gap in possession or cuts short the estate of the transferor |
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Statute of Frauds |
A legal rule that requires most conveyances of real property to be in writing * Exception: Leases <1 year |
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Sublease |
A tenant’s transfer of a portion of the remaining term of his lease to another person * New T liable only to Old T not L * L can evict New T & sue Old T for unpaid rent * Old T remains liable to L for rent |
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Subordination Agreement |
An agreement by lienholders that one lien will have priority over the other lien |
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Surrender |
A term describing a T giving up her right to possess real property and the LL accepting the property back and the termination of the leasehold |
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Tacking |
A term describing the effect of adding together consecutive periods of adverse possession of real propertyby people in privity (when the second person takes the property by descent, devise, or deed purporting toconvey title from the first person) |
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Tenancy at Sufferance |
A short-term situation that arises when a tenant wrongfully remains in possession of property after the expiration of a lawful tenancy. |
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Tenancy at Will |
A leasehold that can be terminated at any time by either the landlord or the tenant * Created when both Ps understand either can terminate at any time * Most states require reasonable notice to terminate and reasonable time to vacate |
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Tenancy by the Entirety |
A marital estate similar to a joint tenancy held by spouses, with a right of survivorship * Tenants cannot unilaterally break (transfer of one co-owners interest is void without consent of the other co-owner |
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Tenancy for Years |
A leasehold that lasts for a fixed period of time - Doesn't mater how long - Can terminate early for breach - Automatically end after fixed period - Written leases required for >1 year (SOF) * Violating SOF creates Periodic Tenancy |
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Tenancy in Common |
A concurrent estate with no right of survivorship (surviving owner automatically absorbs a dying owner's share of the property) * Ct Presumption that concurrent estates are tenancies in common unless otherwise specified |
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Title Insurance |
An insurance policy guaranteeing that title to real property is marketable. |
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Title Search |
The process of examining recorded real estate transactions to establish a chain of title. |
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Title Theory |
A legal rule followed in a few states that treats a mortgagee as the owner of real property and a mortgagor as a person in possession * Mortgagees generally have the right to possess the property as soon as the mortgagor defaults |
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Tolling |
A delay in the period of time necessary to acquire title to land by adverse possession, usually caused by a disability of the true owner of the property. |
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Touch and Concern |
A phrase used to describe a situation in which a promise is closely related to a piece of real property. It is said that the promise “touches and concerns the land.” |
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Trespass |
The invasion of real property by a tangible physical object that interferes with the owner’s exclusive right to possess the property * Trespass to land is a common law tort, actionable per se, even when no harm is done |
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Trust |
A legal arrangement in which a person (“trustee”) owns property for the benefit of one or more otherpersons (“beneficiaries”) |
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Uniform Statutory Rule Against Perpetuities |
A law adopted by some states that changes the standard lives in being plus 21 years time period in the Rule Against Perpetuities to 90 years and allows courts to determine whether an interest is valid in light of what has actually happened after the conveyance was made (instead of what was possible at the time ofthe conveyance) |
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Vertical Privity |
A description of the legal relationship between two people when one person conveys his entire interest in real property to the second person. |
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Vested |
A term that basically means “certain” * Future interests are often either vested or conditional * The Rule Against Perpetuities does not apply to vested future interests except vested remainders subject to open |
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Vested Remainder Subject to Open |
A remainder created in a class of persons that is certain to take possession on the termination of the preceding estate * Class becomes closed at the time of specified P's death that ends the life estate (when possessory right is divided between present members of the class) |
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Vested Remainder Subject to Total Divestment |
A remainder held by a specifically identifiable person who could lose his interest in the property before he obtains the right to possession. |
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Wild Deed |
A recorded deed that is outside the chain of title |
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Zoning |
Laws that specify how particular pieces of property may be used For example, certain neighborhoodsmay be zoned as residential only |
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Rights in Real Property "Bundle of Sticks" |
Can often be bought/sold separately - Right to present possession - Right to future possession - Right to exclude others - Right to sell (conveyancing) - Right to give away by gift or will - Right to use as security for a loan - Right to take things (natural resources) out |
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Present Possessory Interests |
Gives owner the right to possess property 2. Defeasible Fees (event can end right) 3. Life Estate (specific P death will end right) *Always a corresponding future interest |
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"Waste" (3 types) |
Life tenants (present possessory interest possessors) have a duty not to commit 3 types of "waste" to future owners where their right of possession is temporary: 1. Affirmative (or Voluntary) Waste 2. Permissive Waste 3. Ameliorative Waste |
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Forcible Eviction Statute |
Most states require landlords to file for eviction in court (giving notice and ability to argue eviction is not proper) * Self-help is prohibited (i.e. force, turning of utilities, changing locks) |
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Discrimination |
Landlords cannot discriminate based on race, ethnicity, religion, national origin, gender, or disability |
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Types of Nonpossessory Rights |
1. Easements 2. Profits 3. Covenants 4. Servitudes |
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Creation of Easements |
1. Express (by K & SOF generally applies) 2. Implied (previously permitted & reasonably necessary- i.e. access) 3. Prescription |
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Termination of Easements |
Last indefinitely unless K creating specifies 1. Release (destruction by holder by K) 2. Merger doctrine (single owner of both dominant & servant tenement, easement destroyed) 3. Abandonment (physically demonstrates intent to abandon) |
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Actual and Exclusive Possession |
Physically occupy (live on or possess regularly) * Cannot share possession with true owner or 3rd party |
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Open and Notorious |
Sufficiently apparent so that possession is fairly obvious to the world |
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Adverse (Hostile) |
Without the owner's permission * Adverse possessor can only acquire title in the land if possession is without the true owner's permission |
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Continuous Possession |
Without any significant breaks * For adverse possession must possess without any significant break for the entire statutory period of 20 yrs |
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2 ways of conveyancing property rights |
1. Selling (two-stage process- K & deed) 2. Gift (one-stage process- only deed) |
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Steps for the sale of land |
1. Both Ps sign a land sale K ("signing") 2. Exchange title to the property for money ("closing") * Necessary because there are often many things that need to happen between step 1 & 2 |
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Land Sale Contract |
Binding written K (agreement) between B & S for the sale of real property * SOF MUST BE IN WRITING TO BE VALID * Cts can enforce by monetary damages or if S breaches may order S to convey property rights to B |
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Priority of Mortgages |
Determined by chronological order (first recorded, first priority) * Higher priority get paid fully before lower priority receive any funds |
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A deed generally must contain |
Grantor’s words of intent to transfer realty in order to be valid and the grantor’s signature, but no particular technical phrasing is necessary and it need not contain the grantor’s acknowledgment (recording statutes may req. acknowledgement before a notary public) * A deed must identify the land, but metes-and-bounds description is 1 of many ways to do so |
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Mortgagee for value |
Those who loan substantial money in return for a mortgage on the land) are treated as “purchasers,” either expressly by the recording act or by judicial classification * Distinguished from a judgment creditor |
