Card Set Information
A provision in a promissory note or security instrument that allows lenders to delcare the entire debt due immediately if the borrower breaches one or more provisions of the loan agreement.
An easement that benefits a piece of property, the dominant tenement
Anything that is incident to, ATTACHED to, or pertains to the LAND. Goes with the land
Littoral Land / Rights
Land that borders on a stationary body of water (lake), and the rights of use of the water.
Riparian Land / Rights
Land that is adjacent to crossed by a body of flowing water.
The three A's of fixture
: written agreement
Metes and Bounds
: measurement in feet
Begins & Ends at point of beginning & measured clockwise direction.
Unit's of Measurement of land
1 Township = 6 mi. x 6 mi. (36 sq.mi.)= 36 sections
1 section = 1 mi. x 1 mi. (1 sq.mi.)= 640 acres
1 Acre = 43,560 sq.ft.
1 Mile = 5280 ft.
Section 16 = Schoolhouse section.
Lot, Block, Subdivision system
What are the four Governmental rights in land
1. Property taxes and Special assessments.
2. Eminent Domain
3. Police Power (zoning, ordinances, NO Taking)
4. Escheat (reversionary rights, no will)
1. Fee Simple Absolute (best to have) max. private interest in a property, Last forever, Transfereable & Inheritable.
2. Fee Simple Degeasible (gift) last so long as conditions are met or reverts to grantor
3. Life Estate (life tenant "grantee" is owner
The lessee holds a leasehold estate, & the lessor holds a leased fee estate.
Note Statute of Frauds = except 12 months lease or less and property with fewer then 12 units
Estate (tenancy) for years
Specific termination date
Death of lessor/lessee doesn't terminate
Estate (tenancy) at Will
Duration terminates by notice of death
Estate (tenancy) at Sufferance
Holdover without permission after legal tenancy expires.
If owner accepts payment, it converts/becames an Estate at Will
Encumbrances: any claim, right or interest held by on who is not the legal owner of the property.
exp. an easement
Easement in Gross: has only servient tenement (gas company easement)
Three ways to terminate an easement
Lien: a claim on land to secure payment of a debt.
Note; General Lien attaches to a person