Property

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Author:
Thanoszx7r
ID:
279013
Filename:
Property
Updated:
2014-07-15 18:33:17
Tags:
property
Folders:
law
Description:
Property MBE
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  1. Property taxes on life estate
    The owner of the life estate is personally liable, if foreclosed because of taxes all future interest holders lose their interest.
  2. Fee simple determinable – what follows?
    Always followed by a possibility reverter
  3. Charity exemption to rule against perpetuities
    Only good between two charities
  4. Right of reentry must be done when
    Promptly
  5. Open Mines doctrine does not apply to
    Fee simple owners it only applies to tenants
  6. Class gift
    • Class opened when the grantor granted property, Child In gestation is in the class.
    • Class closes when any member of the class has a present possessory interest in the property
  7. Right of first refusal
    There is no Rule against perpetuities
  8. Joint tenancy part sold
    The non-joining remaining tenants now are tenants in common with the buyer and joint with other joints
  9. Holdover tenant
    If holdover tenant is notified prior to lease expiring the new rent price is valid
  10. Commercial holdover tenant
    Holdover tenants in commercial settings are automatically renewed into a yearlong lease
  11. Express easement
    New owner must have notice for easement for it to be valid
  12. Easement abandonment
    Must show an affirmative act to abandon
  13. Restrictive covenants
    If the original developer had any notice it will run with the land
  14. Residential Fixture
    Was it intended to remain with the property? The amount of damage determines the ability to remove.
  15. Commercial fixture
    The commercial fixtures that are installed for commercial purchases, they may be removed
  16. Equitable conversion
    During escrow process the buyer is considered to be the owner of the property and bears the risk of loss
  17. Statement of law V. Statement of fact
    Always pick the statement of law
  18. Adverse possession
    • 1. Open and notorious
    • 2. Hostile
    • 3. Continuous
    • 4. Exclusive
  19. Presumption of Delivery of the deed
    Once grantor intent is established, the deed is considered delivered, unless it is rebutted by other evidence
  20. Meets and boundaries
    Proper description of land
  21. Valid conveyance land description
    In order for the deed to be valid it must adequately describe the land.
  22. When the acreage is found in error
    You can rescind or reform the contract to buy
  23. Covenant of seisin
    I possess the property
  24. Three present covenants
    • Breached at time of closing
    • Covenant of seisin
    • Covenant of the right to convey
    • Covenant against encumbrances
  25. Covenant of the right to convey
    The right to transfer
  26. Covenant against encumbrances
    The seller guarantees the title is not encumbered by other claims
  27. Three future covenants
    • Covenant of quiet enjoyment
    • Covenant of general warranty
    • Covenant of further assurances
  28. Covenant of quiet enjoyment
    Grantor will indemnifies against claims of title for all other grantees
  29. Covenant of further assurances
    The grantor will take necessary measures to perfect the grantee’s title
  30. Time to argue title is unmarketable
    At closing – after that it is a breach of covenant
  31. Deed v. will – when does the property transfer?
    With deed it will transfer immediately, with a will it will transfer at time of death
  32. Mortgage given to 3rd party lender (bank) to lend to borrower to buy property
    Will take precedent over all other mortgages, even those recorded prior, but it must be recorded to be effective.
  33. In notice jurisdiction who wins
    The last bona fide purchaser mortgagee/purchaser for value as long as there was no notice to the subsequent buyer. And so on down the line
  34. Bona Fide Purchaser
    Had no notice of prior transactions
  35. Shelter Doctrine
    If you take from a BFP, you step into the shoes of the BFP
  36. Race notice jurisdiction
    Winner is the first BFP or mortgagee who records
  37. Draw timeline
    Senior mortgages are wiped off the property when juniors foreclose. Those senior mortgages must seek deficiency judgment. Encumbrances are not wiped off, they stay with the land.
  38. Foreclosing parties that do not give notice to junior parties
    The junior members will jump over and stayed with the property.
  39. Riparian doctrine
    Anyone who owns land that abuts water, domestic use trumps commercial or agricultural use. Minor rule prior appropriation doctrine
  40. Prior appropriation doctrine
    Any user has superior rights to later uses.
  41. Defeasible Fees
    Property interests that can be terminated by the happening of a certain event. Fee simple determinable, Fee simple subject to condition subsequent, fee simple subject to executor limitation
  42. Fee simple determinable possibility of reverter
    So long as…, until, while…or it is mine!
  43. Fee simple condition subsequent
    But if X happens I can come back and take it
  44. Fee simple subject to executory interest
    If X happens you lose it and someone else gets it
  45. Remainder
    What is left goes to a third party –follows life estate and fee tail
  46. Reversion
    Grantor keeps interest or his heirs. Follows life estate and fee tail
  47. Reverter - Only follows
    Fee simple determinable
  48. Types of remainders
    • 1. Indefeasibly vested remainder
    • 2. Vested subject to open
    • 3. Vested remainder subject to total divestment
    • 4. Contingent remainder
    • 5. Rule in Shelly’s
    • 6. Doctrine of worthier title
  49. Indefeasibly Vested Remainder
    A remainder that has vested and upon event happening it goes immediately to another person
  50. Vested Subject To Open
    A remainder created in a class of persons that is certain to become possessory, but is subject to diminution because more could enter the class
  51. Vested Remainder Subject To Total Divestment
    Subject to condition subsequent – If some event happens then Remainderman loses his interest
  52. Contingent Remainder
    Remainders created in an unborn or unascertained person(s) or subject to condition precedent
  53. Contingent Remainder Subject to condition precedent
    To A for life, then B if he survives A
  54. To A for life, then B if he survives A
    Contingent Remainder Subject to condition precedent
  55. Destructibility of Contingent Remainder
    At common law the contingent remainder had to vest prior to or upon termination of the preceding estate
  56. Rule in Shelly’s
    A life estate between a previous life estate and a remainder gives the remainder to the second life estate in Fee Simple
  57. Doctrine of Worthier Title
    Following a life estate words like “next of kin” or “heirs” a reversion is created in grantor’s heirs in which they can sue for waste or damage, rather than a remainder which they simply get the remains. Those differences would be litigated after death of grantor.
  58. A life estate between a previous life estate and a remainder gives the remainder to the second life estate in Fee Simple
    Rule in Shelly’s
  59. A remainder that has vested and upon event happening it goes immediately to another person
    Indefeasibly Vested Remainder
  60. A remainder created in a class of persons that is certain to become possessory, but is subject to diminution because more could enter the class
    Vested Subject To Open
  61. Subject to condition subsequent – If some event happens then Remainderman loses his interest
    Vested Remainder Subject To Total Divestment
  62. Following a life estate words like “next of kin” or “heirs” a reversion is created in grantor’s heirs in which they can sue for waste or damage, rather than a remainder which they simply get the remains. Those differences would be litigated after death of grantor.
    • Doctrine of Worthier Title
    • Executory interest
    • If it is not a remainder following a life estate it is an executory interest
  63. If it is not a remainder following a life estate it is an
    Executory interest
  64. Shifting Executory interest
    Cuts short a prior estate
  65. Springing Executory interest
    • Follows a gap in possession or divests the estate of the transferor
    • To A when and if A graduates from college, or to A for life, and one year after death to B. (O has a reversion in the gap)
  66. Vested remainder transferability
    Fully transferable, devisable by will, and descendible by will

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