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51 Cards in this Set
- Front
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6
Estate |
Estate means the degrees, quantity, nature and extent of interest a person has in real property.
Two major types exist: (1) freehold estates and (2) non-freehold/leasehold estates. |
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Freehold estates |
Freehold estates are ownership estates and are of indeterminable length - a lifetime or forever.
Freehold estates are real property. |
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Leasehold (non-freehold) |
Leasehold estates are possessory estates for a fixed term of years.
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Freehold Estates (inheritable) - Fee Simple |
Fee simple or fee simple absolute is the highest type of ownership interest our system of law recognizes and it the most popular. Could run forever.
It is alienable, inheritable and dividable. |
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Freehold Estates (inheritable) - Defeasible Fee Estates |
are estates in which the holder has fee simple title that may be divested (deprived or stripped away) upon the occurrence or nonoccurrence of a specified event or condition. There are three types.
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Defeasible Fee Estates - Determinable Fee (inheritable) |
sometimes referred to as a qualified fee is an estate in land that exists until a specific limitation is not complied with....then title will revert to grantor or his heirs.
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Defeasible Fee Estates - Fee Simple Subject to Condition Subsequent (inheritable) |
grantor conveys a parcel of land on ownership that if "violated" reverts back to the original owner (or heirs). Heirs must prove "right of re-entry".
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Defeasible Fee Estates - Fee Simple With Executory Interest (inheritable) |
an estate with a qualification or restruction that, if met or violated, the ownership goes to a third party.
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Freehold Estates (not inheritable) - Conventional Life Estates |
are limited in duration to the life of the holder (life tenant) or the life or lives of some other designated persons. Not inheritable.
Two types of conventional life estates: ordinary life estates & Pur Autre Vie. |
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Freehold Estates (not inheritable) - Ordinary Life Estates |
Conventional Life Estates - Ordinary Life Estates are based upon the life of the life estate owner (or life tenant). They terminate upon the death of the person to whom the estate was granted.
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Freehold Estates (not inheritable) - Pur Autre Vie |
Pur Autre Vie (for the life of another) - a life estate whose duration is not based upon the life estate owner's life, but instead is measured upon the life of any other person.
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Freehold Estates (not inheritable) - Remainder Interest |
established by the grantor thru a deed or will that upon the death of the designated person, title will pass to an indicated third party or parties.
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Freehold Estates (not inheritable) - Reversion |
established by the grantor thru a deed or will that upon the death of the designated person, title will revert back to the grantor or the grantor's heirs (if the grantor has died before the life estate terminates).
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Legal Life Estates |
are those established by state law.
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Legal Life Estates - Curtesy |
is the husband's life estate in the real estate of his deceased wife.
This no longer exists in SC. |
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Legal Life Estates - Dower |
is the wife's life estate in all real property owned by the deceased husband while they were married.
This too does not now exist in SC. |
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Legal Life Estates - Homestead |
A homestead is a parcel of property owned and occupied as the family home. In SC provides protection for every head of household in the event of a court sale. A family can have only one homestead of any given time.
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Non-Freehold or leasehold |
is established by lease for a determinable length of time. Leases for less than a year do not have to be in writing. However, it is good practice to put all leases in writing. Non-freehold or leasehold are generally considered to be personal property.
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6
Non-Freehold - leases |
involve a contract between lessor (owner of real estate) and lessee (tenant), setting forth the length of time of exclusive possession, amount to be paid and other rights and obligations of the parties.
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Leasehold Estates - Estate for Years (Tenancy for term) |
exists for a definite time period. No notice of termination is required. It can be terminated by mutual consent prior to the expiration date.
Garden variety. |
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Leasehold Estates - Estate From Period to Period (periodic estate, periodic tenancy) |
A lease that continues from period to period - day to day, week to week, month to month (most popular), year to year with no expiration date. Automatically renewed by paying rent until proper notice is given.
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Leasehold Estates - Tenancy At Will |
gives the tenant the right of possession with the consent of the landlord. It does not contain an expiration date. Usually the death of either party, 30 days written notice or state statute will terminate a Tenancy At Will.
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Leasehold Estates - Tenancy At Sufferance |
This involves the worst situation for the landlord. The tenant remains after his/her rights have expired and fails to surrender property or remains after foreclosure. Landlord must prove TAS by not accepting rent payments.
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Leasehold Estates - Gross Lease |
This is a lease whereby the landlord pays all taxes, insurance, mortgage payments, repairs, etc. and the lessee pays a fixed rent.
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Leasehold Estates - Net Lease |
A lease requiring the tenant to pay, not only rent, but all or part of the maintenance and operational costs of the property, such as taxes, insurance, utilities and repairs. It is normally associated with commercial and industrial property.
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Leasehold Estates - Percentage Lease |
A lease where the rental is based on a percentage of the gross income. It usually stipulates a base monthly rent plus a percentage of any gross sales above a certain amount. Retail stores, grocery stores and mall units are typical examples.
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Leasehold Estates - Ground Leases |
are leases of land with rights to build. These leases very often are long-term and may be used by business to lease undeveloped industrial or commercial property.
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Leasehold Estates - Variable Leases |
are leases that allow for changes in the rental charges during the lease period. There are two types of variable leases:
(1) graduated lease and (2) index lease. |
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Leasehold Estates - Variable Leases - Graduated Lease |
allows for increase in rent at set future dates.
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Leasehold Estates - Variable Leases - Index Lease |
allows for rent to increase or decrease based on changes in the gov't's cost of living index or consumer price index.
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Leasehold Estates - Lease-Purchase |
When a tenant leases a property for a period of time with the intention of purchasing the property at a later date, a lease-purchase arrangement has been established. The terms of the sale are determined prior to signing of the lease.
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Leasehold Estates - Lease With Option To Buy |
This is a lease contract that gives the tenant the right or the option to buy the property that the tenant is leasing at an indicated price during a specified period of time. Unlike Lease-Purchase, tenant is not required to buy the property.
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Sublease |
when lessee transfers most of the term, but still a portion of the leasehold, to a third party. Original tenant is still responsible to the landlord.
Sublease more liable than lease assignment. |
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Lease Assignment |
original tenant assigns entire remaining term of his lease to a third party.
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Holdover Tenant |
retains possession of leased property after the lease has expired. If the landlord continues to accept rent this indicates that the landlord agrees to the tenant's continued occupancy.
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Ejectment (eviction) |
the legal process initiated by a landlord (or agent) to oust a tenant from possession of real estate and obtain damages for its unlawful possession.
There are four steps to this process. |
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Ejectment (eviction) - Steps to this process |
(1) Landlord applies to the magistrate. (2) Magistrate issues a written "rule to show cause" why tenant s/not be ejected in 10 days. (3) If tenant fails to show cause, a written warrant of ejectment is issued. (4) The tenant may contest the ejectment.
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Demise |
A lease conveyance for life or years.
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Breach of Lease - Actual Eviction |
Landlord remedies include suit for possession. This process is undertaken when a tenant breaches a lease or improperly retains possession of leased premises.
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Breach of Lease - Constructive Eviction |
When the premises become uninhabitable, the tenant may abandon the premises without liability. Landlord allows the property to deteriorate to such an extent that the tenant is unable to have quiet enjoyment.
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Collection of Rent - Distraint |
to take (legally or illegally) personal property of the tenant and keep it until its owner performs his/her obligation.
Not allowed in SC. |
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Collection of Rent - Distress (Sale) |
The landlord makes an affidavit setting forth the amount of rent due to the landlord. The magistrate then issues a notice to the tenant stating the rent due and any cost which will be charged against the tenant.
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SC Residential Landlord Tenant Act of 1986 - Goals |
Goals (1) delineate the rights and responsibilities of the landlord and tenant as well as the penalties for violation of this act.
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SC Residential Landlord Tenant Act of 1986 - Right of the Landlord (Lessor) |
(a) Collect rent (b) reversion (c) entry (d) hold security deposit (e) fixtures (f) lease renewal (g) to dispossess and (h) recover for damages.
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SC Residential Landlord Tenant Act of 1986 - Duties of the Landlord |
(a) Keep property in fit and habitable condition. (b)
Relinquish possession. (c) Ensure quite enjoyment (landlord is not to abuse right of access). (d) Make major repairs. (e) Provide essential services, electricity, hot and cold water and heat. |
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SC Residential Landlord Tenant Act of 1986 - Rights of the Tenant (lessee) |
(a) Possession - if landlord fails to deliver possession, rent is abated and tenant may terminate rental agmt. (b) Control. (c) Quiet enjoyment. (d) Essential services.
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SC Residential Landlord Tenant Act of 1986 - Duties of the Tenant |
(a) Pay rent. (b) Ensure property of landlord is not abused. (c) Dispose of garbage and rubbish properly. (d) Return to lessor property in the same basic condition.
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SC Residential Landlord Tenant Act of 1986 - Major Landlord Violations |
(a) Retaliation - unlawfully raising the tenant's rent. (b) Unlawful ouster of tenant. (c) Failure to respond to service or repair requests w/in 14 days. (d) Failing to return security deposit w/in 30 days of lease expiration.
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SC Residential Landlord Tenant Act of 1986 - Major Tenant Violations |
(a) Failure to pay rent.
(b) Occupying landlord's property unlawfully. (c) Destruction of property. |
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SC Residential Landlord Tenant Act of 1986 - Termination of Lease |
(a) Expiration of lease. (b) Give notice in advance. (c) Surrender and acceptance. (d) Eviction. (e) Eminent domain. (f) Merger. (g) Destruction of property. (h) Abandonment. (i) Unlawful drug distribution by tenant. (j) Death of lessor or lessee.
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SC Residential Landlord Tenant Act of 1986 - Termination of Lease - Death of lessor or lessee |
Sale of property usually does not terminate lease.
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