Wrg Rp

Front 1

in NY by statute, a co-tenant's exclusive possession may become adverse even absent an ouster or hostile act

Back 1

if the co-tenant has been in continuous, exclusive possession for 10 years. Thus, in NY, after two 10 year periods, one co-tenant may adversely possess against another. The first 10-year period makes the co-tenants possession hostile by statute and the second 10 year period establishes adverse possession

Front 2

The warranty of marketable title is implied in all land sales contracts. This warranty requires ...?

Back 2

the seller to provide a marketable title to the buyer on (but not before) the closing date. To be considered "marketable," the title must be free of encumbrances, such as mortgages, restrictions, covenants, easements or other limiting provisions that are not explicitly identified in the contract.

Front 3

The man may enforce the promise because he owns the benefitted tract of land.

Back 3

It may be that the owners in the subdivision also may enforce the promise; however, the man, as owner of the original benefitted five-acre tract of land, also may enforce it.

Front 4

One of the rights associated with a defeasible fee simple is the right to remove minerals and other resources from the land.

Back 4

That right is not subject to any requirement to provide notice to or obtain permission from any other parties who hold an future interest in the land.

Front 5

Whether a mortgage causes a severance depends upon whether the jurisdiction is a title theory state (severance occurs) or a lien theory state (no severance occurs).

Back 5

Therefore, if facts indicate that this is a title theory state, as soon as one JT executed the mortgage to Lender, the joint tenancy was severed to the extent of the mortgage, and the property was held by co-tenants as tenants in common

Front 6

An equitable mortgage is created by the conveyance of an absolute deed as security for a loan, along with a promise by the grantee to reconvey the deed to the grantor once the loan is paid off--(the agreement to reconvey is not a land sale contract and is therefore not subject to the Statute of Frauds)

Back 6

Len's interest is a mortgage on the property rather than outright ownership of it, his only remedy following Oliver's default is foreclosure of the property pursuant to the equitable mortgage.

Front 7

Covenants, easements, and conditions restricting the use of the land likewise render title unmarketable unless

Back 7

the K expressly makes the sale "subject to existing covenants, conditions, or easements of record."

Front 8

when the Rule Against Perpetuities is violated, the entire transaction is not voided; only the offending part of it fails.

Back 8

then figure out the results of removing that interest from the conveyance, do this by looking at what the grantor/testator intended to create.

Front 9

class gifts to grandchildren are usually valid if they appear in a will and invalid if they appear in an inter vivos conveyance.

Back 9

If it's created by an inter vivos conveyance, watch for interests which may arise to violate the Rule Against Perpetuities.

Front 10

RAP requires that all interests must vest within a life in being plus 21 years after the creation of the interest to be valid

Back 10

any possiblilityconcentrating especially on after-born children. think of one violative possibility, no matter how remote, the interest in question is void.

Front 11

there are only two general types of future interests that can be created in transferees: remainders and executory interests.

Back 11

difference between the two: a remainder takes upon the natural termination of the prior estate (e.g., the death of a life estate holder), whereas the holder of an executory interest divests the prior estate holder.

Front 12

when the use was with permission, then prevents a prescriptive claim of easement, and the use was for a very short time, which negates any possible claim based on the discredited theory of lost grant.

Back 12

Instead, the neighbor's use of the land was a license that was effectively revoked by the grantee.

Front 13

A license is permission to use the land of another.

Back 13

It is revocable, and is not subject to the statute of frauds.

Front 14

The Statute of Frauds does NOT apply if the parties have both fully performed under an oral contract, the relationship is the same as if the statute had been fully complied with initially.

Back 14

It is too late for the colleague, having accepted the deed, to now complain that the Statute of Frauds was not complied with because the agreement was oral.

Front 15

the time to challenge marketable title is prior to the acceptance of the deed. Under the doctrine of merger, the remedy, if any, is on the title covenant in the deed. Lack of access does not violate any of the title covenants.

Back 15

the colleague received the title the niece said she had. No one had a superior title and thus the covenants of seisin, right to convey, quiet enjoyment, and general warranty were not breached.

Front 16

Negative easements prevent a servient estate from using the land in a particular way. Negative easements are limited to LAWS

Back 16

but without easement, there is NO RIGHT OF light, air, water or support.
it is NOT IMPLIED.