Property.txt

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Anonymous
ID:
26777
Filename:
Property.txt
Updated:
2010-07-14 09:32:03
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prop
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prop
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  1. Defeasible fees
  2. Fee simple determinable <-> possibility of reverter
  3. Fee simple subject to condition subsequent <-> right of entry
  4. Fee simple subject to an executory interest <-> executory interest
  5. Life estate and waste
    Affirmative waste: exploitation of natural resources limited to 1) necessary for repair or maintenance, 2) land is suitable only for such use, 3) expressly or impliedly permitted by grantor, 4) open mines doctrine (only for life estates)

    Permissive waste: failure to protect or preserve the land as to 1) land and structures in a reasonable state of repair, 2) pay interest on mortgages, 3) pay ordinary taxes on land, 4) pay special assessments for public improvement of short duration.

    • Ameliorative waste: change that benefits the property economically
    • -can alter if: FMV not diminished AND EITHER remaindermen do not object OR a substantial change in neighborhood conditions has deprive the proeprty in its current form of reasonable productivity or usefulness.
  6. Future reversionary interests (in grantor)
    Possibility of reverter: follows fee simple determinable

    Right of entry: follows fee simple subject to condition subsequent

    Reversion: if goes back to the grantor on the natural end of a previous estate
  7. Remainders (in grantee)
    Remainder: future interest in a third person that can become possessory on the n atural expiration of the preceding estate.

    Indefeasibily vested remainder: remainder created in existing and ascertained person AND NOT subject to a condition precedent

    Vested remainder subject to open: vested reaminder in a class of persons that is certain to become possessory, but subject to diminution by birth of additional people in the class.

    Vested remainder subject to total divestment: vested remainder subject to a condition subsequent (comma rule)

    • Contingent remainder: remainder created in 1) unborn or unascertained persons OR 2) subject to a condition precedent
    • -"alternative contingent remainders" if split between two people
  8. Destructibility of contingent remainders and related doctrine of merger
    Traditional rule that if a contingent remainder had not vested by the end of the preceding freehold estate then the contingent remainder was destroyed

    Abolished in most states

    Related doctrine of merger: When one person acquires all the present and future interests in land before a contingent remainder then the contingent remainder is destroyed.
  9. 3 special rules with remainders
    Destructibility of contingent remainders

    Rule of Shelley's case

    Doctrine of worthier title
  10. Rule of Shelley's Case
    If an instrument creates a life estate in A and then remainder to A's heirs then the remainder in A's heirs was not recognized.

    Example: to A for life, then to B for life, then to A's heirs. B has a vested remainder.

    This is abolished in most states.
  11. Doctrine of worthier title
    A remainder in grantor's heirs becomes a reversion in the Grantor

    This is a rule of construction and generally not abolished if grantor has clearly manifested intent.
  12. Executory interest
    Future interest in third parties that either divest a transferee's preceeding freehold estate (shifting) or follow a gap in possession or cut short a grantor's estate (springing)
  13. Class of beneficiaries
    • Rule of convenience: A class closes when some of the members in the class can call for distribution of their share of the class gift.
    • -Watch for "all of A's children that survive me"

    Survival is usually not necessary for issue of surviving childern to still take.
  14. Common pitfalls of Rule Against Perpetuities
    Executory interest following a defeasible fee: "so long as X happens" where X could last indefinitely

    Age contingency beyond age 21 in open class

    Fertile Octogenarian:
    woman capable of bearing children regardless of age. Usually defeats grandchildren's future interest

    • Options and rights of first refusal: other than options to purchase by current lessee
    • Unborn widow or widower: widow may not be a live in being as could marry later.


  15. Rule against restraint on alienation
    • disabling: attempted transfers are ineffective
    • forfeiture: attempted transfers forfeit the interest
    • promissory: attmepted transfer breaches a covenant

    Allowed if 1) limited time and 2) reasonable purpose

    • Other valid restraints:
    • 1) forfeiture restraint on transferability of future interest
    • 2) reasonable restrictions on commercial transactions
    • 3) rights of first refusal
    • 4) restrictions on assignment and sublease of leaseholds
  16. Joint tenancy (with right of survivorship)
    • Created upon four unities of:
    • 1) time, 2) title, 3) same interest, 4) possession

    • Sever through
    • 1) intervivos conveyance: judgment liens do not foreclose UNLESS foreclosed upon.
    • 2) contract to convey: courts split on whether executory contract splits or need to actually pass title.
    • 3) partition: voluntary agreement, partition in kind, forced sale
  17. Types of leaseholds
    Terms of years

    Periodic tenancies

    Tenancies at will

    Tenancies at sufferance
  18. Lease hold-over doctrine
    1) may evict

    • 2) bind to new periodic tenancy
    • -For non-residential usually held to year to year if term more than a year
    • -For residential usually held for month to month
    • -Have a rent increase if tenant on notice there will be one
  19. Duties of landlord and tenant remedies
    Duty to deliver possession of the premises

    Quiet enjoyment

    Implied warranty of habitability

    Retaliatory eviction
  20. Leases: Duty of Quiet Enjoyment
    Implied covenant that neither the landlord nor a paramount titleholder will interfere with the tenant's quiet enjoyment and possession AFTER LEASE HOLD STARTED.

    • Constructive eviction
  21. Constructive eviction
    • Landlord's breach of the covenant of quiet enjoyment by:
    • 1) rendering the premises uninhabitable
    • 2) landlord was notified and failed to remedy within a reasonable time
    • 3) tenant must vacate
  22. Implied Warranty of habitability
    This is a nonwaivable implied warranty for residential leases.

    • Remedies:
    • 1) terminate the lease
    • 2) make repairs and offset by cost of future rent
    • 3) abate rent by the value of defects
    • 4) remain in possession and sue for damages.
  23. Accretion vs avulsion
    Accretion: slow and imperceptible change in course of river or stream that changes land rights if center of the stream is the boundary

    Avulsion: sudden change in water course that does not change ownership rights
  24. Constructive annexation
    Article of personal property is so uniquely adapted to the real estate that it makes no sense to separate it
  25. Fixture annexation
    Nature of article

    Manner of attachment

    Amount of damage caused by removal

    Adaptation of the item to the use of realty
  26. Reciprocal negative servitude
    Deeds not containing a restriction are restricted if:

    Common scheme for development

    Notice of the covenant

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