Term
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Definition
| an action to recover monetary damages resulting from conversion to D of P's property |
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Term
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Definition
| recover actual goods converted |
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Term
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Definition
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Term
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Definition
| intentionally put down, but unintentionally left behind |
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Term
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Definition
| intentionally and voluntarily left behind w/o intent to reclaim |
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Term
| What is the general rule for lost property on public land? |
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Definition
| finder has rights over all except true owner/previous possessor |
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Term
| What is the general rule for mislaid property on public land? |
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Definition
| property owner has rights over all except true owner/previous possessor. |
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Term
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Definition
1. actual entry
2. exclusive possession
3. open
4. notorious
5. adverse
6. under claim of right
7. continuous
8. for statutory period |
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Term
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Definition
| ordinary use to which land is capable. |
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Term
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Definition
| occupation of land not in common w/ public, nor concurrent w/ or w/ permission from true owner |
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Term
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Definition
| acts warning true owner that someone is adversely possession. Must be apparent to reasonable person. |
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Term
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Definition
| so conspicuous that neighborhood refers to land as belonging to adverse possessor. |
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Term
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Definition
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Term
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Definition
1. AP believes land belongs to him OR
2. knows it does not belong to him, but does not care |
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Term
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Definition
| w/o interruption and consistent w/ customary property use under like circumstances |
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Term
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Definition
| where landowners are regarded as the prior possessors of any wild animals on their land until the animals take off |
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Term
| what is the duty of care for a bailee? |
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Definition
| use the care an ordinary person would use under like circumstances. |
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Term
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Definition
| when goods are transferred from the owner (bailor) to another person (bailee) for a limited purpose. |
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Term
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Definition
| the adding of one’s own period of land possession to that of a prior possessor to establish continuous adverse possession for the statutory period. |
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Term
| what must you have in order to tack to previous adverse possessor's time? |
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Definition
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Term
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Definition
| relationship between parties, each having a legally recognized interest in the same subject matter |
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Term
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Definition
| relationship between the parties to a contract, allowing them to sue each other |
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Term
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Definition
| mutual or successive relationship to the same right in property, as between grantor/grantee or landlord/tenant |
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Term
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Definition
| permission between parties in successive possession of real property |
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Term
| what qualifies as disabilities in terms of adverse possession? |
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Definition
mental defect
minority in age
imprisonment |
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Term
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Definition
| handing over a key or some other object that will provide access to the subject matter |
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Term
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Definition
| handing over something symbolic of the property, e.g., a written instrument declaring a gift of the subject matter. |
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Term
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Definition
| gift made in contemplation of death from some immediate illness |
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Term
| What must be present in order to make gift valid? |
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Definition
1. Intent to make a present transfer (i.e. give up title now)
2. Delivery of the gift to the donee
3. Acceptance of the gift |
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Term
| What is the general rule for delivery of gifts? |
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Definition
| if it can be handed over, it must be. |
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Term
| What are the steps to apply RAP? |
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Definition
1. ID the interests
2. Look for any future interest in grantee
3. Is future interest contingent or vested subject to open?
4. For each contingent or vested subject to open interest, ID the necessary factual developments for vesting and closing.Write by conveyance
5. Circle all lives in being
6 consider the 1st valuable interest & see if it might be contingent or open for lifetimes longer than any validating life+21 years.
7. if violates, cross out what violates |
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Term
| What are the RAP danger signs? |
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Definition
1. condition is not personal to someone
2. identified time period or age >21 years
3. an interest is given to generation after next (grandchildren)
4. conveyance requires that a holder require someone who is described, not named
5. an identified event that would normally take less than 21 years, but might not.
6. holder won't be identified until death of someone described, not named. |
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Term
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Definition
| Each tenant owns a separate but undivided interest in the whole property.There are no survivorship rights between tenants in common |
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Term
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Definition
| Each joint tenant owns an undivided whole of the property.Must have 4 unities: time, title, interest, and possession.Joint tenants have rights of survivorship. |
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Term
| how may tenancy in common be transferred? |
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Definition
| conveyed by deed, will, or intestate succession |
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Term
| how do you sever joint tenancy? |
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Definition
1. mutual agreement
2.conveying from yourself as JT to yourself as TIC (if allowed
3. Conveyance from JT to 3rd party
4. Death of JT
5. partition by sale or by kind. |
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Term
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Definition
can only be created in husband and wife.
5 unities: time, title, interest, possession, and marriage. |
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Term
| how do you sever tenancy by entirety? |
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Definition
1. divorce
2. convey jointly to 3rd party. |
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Term
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Definition
| legal action when denied access to part of the whole where co-ownership exists. If successful = proportionate share of full rental value |
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Term
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Definition
| a legal action to compel the defendant to account for and pay over $ owed to the plaintiff, but held by the defendant. If successful=proportionate share of actual rents received |
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Term
| anatomy of a real estate transfer |
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Definition
1) Oral Negotiations
2) Purchase Agreement
3) Financing
4) Title Analysis
5) Due Diligence
6) Closing
7) Record Deed and Mortgage
8) Secure Possession |
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Term
| What needs to be in purchase agreement? |
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Definition
1. type of estate and interest held by seller and type buyer desires.
2. Legal description and street address
3. what will happen if closing does not happen on time.
4. type of deed conveyed, disclosure of restrictions.
5. financing conditions and time frame for buyer's procurement of financing.
6. time is of the essence
7. survey
8. risk of loss/insurance issues
9. type of title conveyed |
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Term
| what are examples of due diligence? |
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Definition
1. survey review (look for encroachments, legal description)
2. Compare survey legal to seller’s deed and proposed buyer’s deed, title work, purchase agreement and mortgage
3. Do a site visit to determine occupancy
4. Prepare/ review/ negotiate all documents required for closing
5. If counsel for borrower, review loan documents, then review with clients, then negotiate with lenders
6. Provide lenders with everything they need to feel comfortable with the transaction if representing buyer |
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Term
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Definition
| says borrower keeps legal title while lender only has a lien on the property. Does not sever joint tenancy. |
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Term
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Definition
| says lender takes title to the land and borrower retains only equity of redemption. Does sever joint tenancy |
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Term
| What are the different rulings on marital property? |
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Definition
1.MBA is not marital property
2.working spouse given reimbursement alimony to cover all financial contributions toward the former spouse’s education
3. A husband’s medical license constitutes marital property
4. It is the nature and extent of the contribution by the spouse seeking equitable distribution |
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Term
| What must be in writing according to statute of frauds? |
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Definition
1. leases greater than 3 years or greater.
2. sales of land. |
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Term
| What are exceptions to statute of frauds? |
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Definition
1. partial payment or partial performance.
2. Estoppel |
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Term
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Definition
1. inducement (action or inaction)
2. change of position in reliance upon inducement.
3. inequitable to party or unjust enrichment. |
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Term
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Definition
| Subject to no risks or defects |
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Term
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Definition
| As discerned from the public record |
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Term
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Definition
1. not subject to reasonable doubt
2. as would create apprehension in validity
3. in the mind of a reasonable person guided by competent legal advice,
4. would be willing to take and pay fair value. |
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Term
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Definition
| Title such that a Title Company would insure |
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Term
| Municipal regulations & Marketable Title |
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Definition
| Mere existence of municipal regulations, in place at the time of the agreement, do not render the title unmarketable |
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Term
| Private Restrictions & marketable title |
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Definition
| Mere existence upon the use of the land or the location and type of buildings that may be erected as established by private restrictions and covenants do constitute encumbrances rendering the title to land unmarketable. If you agree to the restrictions in the purchase agreement or deed, then they no longer render the title unmarketable |
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Term
| Adverse possession and marketable title |
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Definition
| Title based upon adverse possession, if clearly established, is marketable |
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Term
| When do title defects need to be cured by? |
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Definition
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Term
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Definition
| The buyer is viewed in equity as the owner from the date of the contract (holder of equitable title). Risk of Loss on Buyer from moment of contract of sale in majority view |
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Term
| Seller's duty to disclose defects |
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Definition
| Majority Rule: Seller has a duty to disclose known material defects |
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Term
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Definition
| warrants title against all defects in title, whether they arose before or after the grantor took title. |
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Term
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Definition
| contains warranties only against the grantor’s own acts, but not the acts of others. |
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Term
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Definition
| conveys no warranties of any kind. It merely conveys whatever title the grantor has, if any, and if the grantee takes nothing by the deed, the grantee cannot sue the grantor |
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Term
| who are forged deeds void against? |
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Definition
| against everyone, including the bona fide purchaser. |
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Term
| who is a deed procured by fraud void against? |
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Definition
| it is voidable by the grantor in an action against the grantee.But a subsequent bfp from the grantee who is unaware of the fraud prevails over the grantor |
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Term
| What are the present covenants of warranty deed? |
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Definition
1. Covenant of seisin
2. covenant of right to convey.
3. covenant against encumbrances |
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Term
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Definition
| are broken, if ever, at time of conveyance and statute of limitations begins on date of delivery. |
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Term
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Definition
| grantor warrants that he owns estate he purports to convey. |
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Term
| covenant of right to convey |
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Definition
| grantor warrants that he has right to convey property |
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Term
| covenant against encumbrances |
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Definition
| grantor warrants that there are no encumbrances on property. This cannot be breached unless encumbrance existed at time of conveyance. |
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Term
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Definition
| mortgages, liens, easements |
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Term
| what are the future covenants of warranty deed |
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Definition
1. covenant of general warranty
2. covenant of quiet enjoyment
3. covenant of further assurances. |
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Term
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Definition
| breached when grantee or his successor are evicted from property, buy up paramount claim, or otherwise damages. Statute of limitations begins at time of damage. |
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Term
| covenant of general warranty |
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Definition
| grantor warrants that he will defend against lawful claims and will compensate grantee for any loss that may be sustaine by assertion of superior title. |
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Term
| covenant of quiet enjoyment |
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Definition
| grantor warrants that grantee will not be disturbed in possession and enjoyment of property by assertion of superior title. |
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Term
| covenant of further assurances |
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Definition
| grantor promises to execute any documents required to perfect title conveyed. |
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Term
| what is the general rule for recording deeds? |
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Definition
| first in time, first in right |
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Term
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Definition
| party that wins race to record prevails |
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Term
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Definition
prevailing party must take
1. w/o notice AND
2. pay value |
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Term
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Definition
prevailing party must
1. pay value
2. take w/o actual or constructive notice AND
3. record before prior purchaser |
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Term
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Definition
person who takes from a bona fide purchaser protected by the recording statute has the same rights as his grantor, even if the subsequent purchaser had notice.
only applies in notice and race notice jurisdictions. |
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Term
| Who is protected under the recording statutes? |
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Definition
| Usually Purchasers are protected, but Donees and Devisees are not protected. |
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Term
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Definition
| A deed in the chain of title is constructive notice of all other deeds referred to in the deed discovered |
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Term
| types of notice (with respect to a prior claim on land) |
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Definition
1. actual notice
2. record notice
3. inquiry notice |
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Term
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Definition
| one is personally aware of conflicting interest in real property (Example: someone else is in possession) |
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Term
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Definition
| notice one has based on properly recorded instruments |
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Term
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Definition
| based on facts that would cause reasonable person to make inquiry into possible existence of interest in real property. |
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Term
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Definition
| law deems you to have constructive notice, regardless of actual knowledge. Inquiry and record notice are constructive notice. |
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