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82 Cards in this Set
- Front
- Back
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Fee simple absolute |
Absolute ownership of infinite duration Freely alienable and no future interest |
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Defeasible fee |
Potentially infinite duration, subject to termination by occurrence of event |
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Fee simple determinable (FSD) |
Terminates upon happening of a stated event and automatically reverts to grantor "For so long as" "while" "during" "until" Possibility of reverter |
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Fee simple subject to condition subsequent |
Grantor reserves right to terminate estate upon happening of a stated event (intent to terminate) Grantor must use clear durational language and specifically mention right to reenter Upon condition that, but if, if it happens that |
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Fee simple subject to executory interest |
To A, but if X event happens, then to B Terminates upon happening of stated event and land passes to third party Third party has shifting executory interest |
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Life Estate |
fully transferable during measuring life |
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Life tenant's rights/duties |
Right to possess Right to collect rents/profits, lease/sell/mortgate (must pay taxes on income or rental value of land) Duty not to commit waste |
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Affirmative waste |
Overt conduct causing decrease in property value, can't consume/exploit natural resources unless prior use (open mines doctrine), must make reasonable repairs |
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Permissive waste |
Land falls into disrepair or LT fails to reasonably protect/preserve land, must maintain premises in reasonably good repair and pay all ordinary taxes for income/profits/FRV |
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Ameliorative waste |
Must not enhance property's value unless all FI holders are known and consent |
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TEnancy in common |
Two or more grantees with unity of possession No right of survivorship Undivided interest with unrestricted rights to possess whole Interest freely devisable/transferable |
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Joint tenancy |
Four unities (PITT) Equal rights to Possess the whole with identical equal Interests at the same Time by the same Title |
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Severance of Joint Tenancy |
Sale (don't need consent) Partition (voluntary agreement, judicial action, forced sale) Mortgage (severs JT under title theory, but not under lien theory) |
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Tenancy by Entirety |
JT with right of survivorship Must be married Protected from creditors of only one spouse Neither can unilaterally defeat ROS by conveyance to third party |
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Concurrent Estates - Rights/Obligations |
Co-tenant in exclusive possession not liable for rent/profits unless ouster Can collect for operating expenses No contribution of reasonable repairs/improvements (unless accounting/partition) Liable for third-party rent |
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Future Interests |
gives holder a present, legally protected right or possibility of future possession of an estate |
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Reversion |
Arises in a grantor who transfers estate less than he owns other than a Fee Simple Determinable or Fee SImple subject to condition subsequent, and not subject to RAP usually a life estate or estate for years |
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Possibility of Reverter |
Automatically reverts to grantor upon occurrence of stated event when FSD conveyed |
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Right of reentry |
Held by grantor after FSSCS granted |
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Remainder |
FI that becomes possessory upon expiration of prior estate of known fixed duration created in same conveyance where remainder created |
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Vested subject to open |
At least one member in class qualified to take possession, but additional takers not yet ascertained can still vest Rule of convenience closes class when any member entitled to immediate possession |
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Vested subject to complete |
Occurrence of condition subsequent completely divests remainder |
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Contingent |
Unascertainable grantee or if subject to express condition precedent to grantee's taking (because of unknown beneficiary or known beneficiary subject to condition precedent not yet occurred) |
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Executory interests |
FI in third party, not a remainder and cuts prior estate short upon occurrence of specified condition, transferable and subject to RAP |
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Shifting executory interests |
Cuts short prior estate created in same conveyance, so estate shifts from one grantee to another upon happening of condition |
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Springing executory interest |
Divests interest of grantor or fills gap in possession so estate reverts to grantor |
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Transferability |
Remainders/executory interests transferable inter vivos and devisable/descendible |
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Rule against perpetuities |
At the creation of interest, FI must vest or fail by the end of a life in being, plus 21 years |
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Tenancy for years |
Fixed period of time Created by express agreement Term > 1 year must be in writing to satisfy SOF No notice needed because termination date fixed |
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Periodic tenancy |
Repetitive, ongoing estate by set periods of time Automatically renews at end of each period unless valid termination notice SOF not required Created by express agreement, implication (no mention of duration) or operation of law (holdover tenant) |
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Tenancy at will |
No fixed period of time Parties must expressly agree or regular rent payment will imply periodic tenancy May be terminated by either party at any time, but reasonable demand to vacate usually required |
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Tenancy at sufferance |
T wrongfully holds over past expiration of lease Wrongdoer is given tenancy to permit L to recover rent Tenancy lasts until L evicts T or elects to hold T to periodic tenancy |
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Tenant duties |
Pay rent Avoid waste Repair |
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Remedies for breach of tenant duties |
Sue for damages and eviction for failure to pay rent Retake premises if T abandons but duty to mitigate damages by rerenting premises Can accept holdover tenant as periodic tenant or tenant at sufferance OR sue after notice to vacate |
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Landlord duties |
Possession Repair Warranty of habitability Covenant of quiet enjoyment |
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Eviction |
Actual - L wrongfully evicts/excludes T from premises Partial - T excused from paying rent for L's partial eviction, but must pay reasonable rental value if partial eviction by third party with superior claim, not excused for adverse possessor/trespasser Construtive - substantial interference caused by L's actions or failure to act |
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Tenant tort liabilities |
Duty of care to invitees/licensees/foreseeable trespassers and may be liable for dangerous conditions/activities |
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Landlord tort liabilities |
LIable for injuries in common/public areas, areas under L's control, or from hidden defect/faulty repair (CL) or general duty of reasonable care |
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Assignment |
Complete transfer of T's remaining lease term |
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Sublease |
Any transfer for less than entire duration of lease |
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Assignee Tenant |
Assignee T liable to L for rent/covenants running with lease because in privity of estate with L If assignee-T reassigns lease, his P/E with L ends and subsequent T now in P/E with L |
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Sublease Tenant |
Not liable for rent/covenants in lease to L because not in P/E or privity of contract with L (still liable to original lessee) Can expressly assume covenants |
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Limitations on Assignment/Sublease |
T can still assign/sublease if lease prohibits, but L can terminate for breach and recover damages L can only withhold permission to grant assignment or sublease on commercially reasonable grounds |
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adverse possession |
Open Continuous Exclusive Actual Notorious |
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Land sale contracts - Statute of Frauds |
Land K must be in writing, signed, and contain all essential terms Part performance (SOF exceptioN) Detrimental reliance - specific performance permitted |
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Marketable title |
Title free from defects or unreasonable risk of litigation Buyer can rescind/recover payments, sue for breach, or sue for SP with an abatement of purchase price |
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Time of the essence |
Not enforced unless part of K (express/implied), but party failing to perform on closing date is in breach |
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Implied warranty of fitness |
Only for new homes, and disclosure duty of known material physical defects not readily observable/known to buyer for all homes |
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Tender of performance |
Concurrent conditions, so if one party repudiates then non-repudiating party excused, but B must give S sufficient time to cure title defect |
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Merger |
Land sale K obligations merge into deed upon delivery unless obligations collateral to/independent of conveyance |
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Breach remedies - damages |
Difference between K price and market value (limited to B's out of pocket expenses if S breached in good faith) |
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Equitable conversion |
S's interest converted by K into interest in proceeds of sale not in RP, once K is signed, B is owner of land subject to the condition he pay the purchase price at closing, but in interim between K and closing, B bears risk of los if land is destroyed |
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Security interest |
Mortgages must be in writing Debtor/morgagor has title and right to possession until foreclosure Creditor/mortgagee has lien and right to land if there is default Creditor can foreclose by judicial proceedings which terminate junior interests (subordinate interests must be joined or remain on land and B takes subject to senior interests) |
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Deeds - Delivery |
At time of transfer, grantor must intend to make present transfer of property interest to grantee |
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Rebuttable presumption of delivery/intent |
Physical transfer not required but creates presumption of grantor's intent Recording of deed Intent can be implied from words/conduct of grantor Parol evidence admissible to establish intent |
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Beneficial transfer acceptance |
Acceptance presumed |
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Valid deed requirements |
Identified parties Grantor's signature Words of transfer Reasonable definite property description (extrinsic evidence admissible) |
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Notice recording act |
BFP of prior interest prevails over prior grantee who failed to record Must record against subsequent purchaser |
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Race recording act |
First to record prevails, regardless of knowledge of prior conflicting interests |
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Race-notice recording act |
Subsequent BFP protected only if he takes without notice AND is first to record |
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Actual notice |
Actual, personal knowledge of prior interest that cannot prevail under notice or race notice statute |
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Inquiry notice |
Reasonable investigation |
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Constructive notice |
Properly recorded and appears in chain og ftitle |
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General warranty deed |
Seisin, right to convey, against encumbrances Quiet enjoyment, warranty, further assurances |
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Special warranty deed |
Same covenants as general warranty but only warrants against defects during time grantor has title |
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Quitclaim deed |
No covenants of title |
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Fixtures |
Structures built on RP and items incorporated into structure become part of realty, but can be removed if Seller reserves right to remove fixture upon sale K Leased property can be restored to former condition without damage in reasonable time |
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Express Easement |
Affirmatively created by parties in writing that satisfies SOF |
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Implied Easement by Necessity |
Created when property is useless without benefit of easement across adjacent property, dominant/servient estates must be under common ownership and necessity must arise when estate severed |
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Implied Easement by Implication |
If easement previously used on servient estate by earlier owner, court implies intent for easement to continue if prior use was continuous, apparent and reasonably necessary to dominant estate's use/enjoyment, the estates were once under common ownership, and a quasi-easement existed at severance |
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Prescription Easement |
Contniuous, actual, open and hostile for statutory period (20 years at CL) |
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Estoppel easement |
Good faith, reasonable, detrimental reliance through permission by servient estate holder, issued to prevent unjust enrichment |
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Negative easement |
Prevents owner from using land in specific ways, must be expressly created by writing signed by grantor, and usually only recognized for light/air/support/stream water from artificial flow |
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Easement appurtenant |
Benefit transferred automatically with servient estate |
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Easement in gross |
Benefit individual/legal entity, not RP, and usually commercial easements freely trasnferable to third party |
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Termination of easement |
Release Merger Severance Abandonment Destruction/condemnation |
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Scope of Easements |
Court looks to reasonableness of use and intent of original parties and ambiguities resolved in favor of grantee
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Profits of easement |
Entitles holder to enter servient land and take from it the soil or some substance of the soil such as mineral, timber and oil |
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Easement licenses |
Privilege to enter another's land Freely revocable unless estoppel Does not need to satisfy SOF Invalid oral easements create revocable license |
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Covenants |
Writing Intent Touch/concern (benefit or burden must affect promisee/promisor as owners of land) Notice |
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Equitable servitudes |
Intent for restriction to be enforceable by successors-in-interest for benefit/burden to run Notice Touch/concern (no privity required) |
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Implied reciprocal servitude |
Intent to create servitude on all plots Negative servitude Notice |
