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Property I
Barakchov
87
Law
Graduate
12/10/2009

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Term
Trover
Definition
an action to recover monetary damages resulting from conversion to D of P's property
Term
replevin
Definition
recover actual goods converted
Term
Lost
Definition
unintentionally put down
Term
Mislaid
Definition
intentionally put down, but unintentionally left behind
Term
Abandoned
Definition
intentionally and voluntarily left behind w/o intent to reclaim
Term
What is the general rule for lost property on public land?
Definition
finder has rights over all except true owner/previous possessor
Term
What is the general rule for mislaid property on public land?
Definition
property owner has rights over all except true owner/previous possessor.
Term
Adverse Possession
Definition
1. actual entry
2. exclusive possession
3. open
4. notorious
5. adverse
6. under claim of right
7. continuous
8. for statutory period
Term
Actual Entry
Definition
ordinary use to which land is capable.
Term
Exclusive possession
Definition
occupation of land not in common w/ public, nor concurrent w/ or w/ permission from true owner
Term
open
Definition
acts warning true owner that someone is adversely possession. Must be apparent to reasonable person.
Term
notorious
Definition
so conspicuous that neighborhood refers to land as belonging to adverse possessor.
Term
adverse
Definition
w/o owners permission
Term
under claim of right
Definition
1. AP believes land belongs to him OR
2. knows it does not belong to him, but does not care
Term
Continuous
Definition
w/o interruption and consistent w/ customary property use under like circumstances
Term
constructive possession
Definition
where landowners are regarded as the prior possessors of any wild animals on their land until the animals take off
Term
what is the duty of care for a bailee?
Definition
use the care an ordinary person would use under like circumstances.
Term
Bailment
Definition
when goods are transferred from the owner (bailor) to another person (bailee) for a limited purpose.
Term
Tacking
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.
Term
what must you have in order to tack to previous adverse possessor's time?
Definition
privity
Term
privity
Definition
relationship between parties, each having a legally recognized interest in the same subject matter
Term
privity of K
Definition
relationship between the parties to a contract, allowing them to sue each other
Term
privity of estate
Definition
mutual or successive relationship to the same right in property, as between grantor/grantee or landlord/tenant
Term
privity of possession
Definition
permission between parties in successive possession of real property
Term
what qualifies as disabilities in terms of adverse possession?
Definition
mental defect
minority in age
imprisonment
Term
constructive delivery
Definition
handing over a key or some other object that will provide access to the subject matter
Term
symbolic delivery
Definition
handing over something symbolic of the property, e.g., a written instrument declaring a gift of the subject matter.
Term
gift causa mortis
Definition
gift made in contemplation of death from some immediate illness
Term
What must be present in order to make gift valid?
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
Term
What is the general rule for delivery of gifts?
Definition
if it can be handed over, it must be.
Term
What are the steps to apply RAP?
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
Term
What are the RAP danger signs?
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.
Term
Co-tenancy
Definition
Each tenant owns a separate but undivided interest in the whole property.There are no survivorship rights between tenants in common
Term
Joint tenancy
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.
Term
how may tenancy in common be transferred?
Definition
conveyed by deed, will, or intestate succession
Term
how do you sever joint tenancy?
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.
Term
tenancy by entirety
Definition
can only be created in husband and wife.
5 unities: time, title, interest, possession, and marriage.
Term
how do you sever tenancy by entirety?
Definition
1. divorce
2. convey jointly to 3rd party.
Term
ouster
Definition
legal action when denied access to part of the whole where co-ownership exists. If successful = proportionate share of full rental value
Term
accounting
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
Term
anatomy of a real estate transfer
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
Term
What needs to be in purchase agreement?
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
Term
what are examples of due diligence?
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
Term
Lien theory of mortgage
Definition
says borrower keeps legal title while lender only has a lien on the property. Does not sever joint tenancy.
Term
title theory of mortgage
Definition
says lender takes title to the land and borrower retains only equity of redemption. Does sever joint tenancy
Term
What are the different rulings on marital property?
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
Term
What must be in writing according to statute of frauds?
Definition
1. leases greater than 3 years or greater.
2. sales of land.
Term
What are exceptions to statute of frauds?
Definition
1. partial payment or partial performance.
2. Estoppel
Term
Estoppel
Definition
1. inducement (action or inaction)
2. change of position in reliance upon inducement.
3. inequitable to party or unjust enrichment.
Term
perfect title
Definition
Subject to no risks or defects
Term
Record title
Definition
As discerned from the public record
Term
Marketable title
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.
Term
Insurable title
Definition
Title such that a Title Company would insure
Term
Municipal regulations & Marketable Title
Definition
Mere existence of municipal regulations, in place at the time of the agreement, do not render the title unmarketable
Term
Private Restrictions & marketable title
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
Term
Adverse possession and marketable title
Definition
Title based upon adverse possession, if clearly established, is marketable
Term
When do title defects need to be cured by?
Definition
By the closing date
Term
Equitable conversion
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
Term
Seller's duty to disclose defects
Definition
Majority Rule: Seller has a duty to disclose known material defects
Term
General Warranty deed
Definition
warrants title against all defects in title, whether they arose before or after the grantor took title.
Term
special warranty deed
Definition
contains warranties only against the grantor’s own acts, but not the acts of others.
Term
quitclaim deed
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
Term
who are forged deeds void against?
Definition
against everyone, including the bona fide purchaser.
Term
who is a deed procured by fraud void against?
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
Term
What are the present covenants of warranty deed?
Definition
1. Covenant of seisin
2. covenant of right to convey.
3. covenant against encumbrances
Term
Present covenant
Definition
are broken, if ever, at time of conveyance and statute of limitations begins on date of delivery.
Term
Covenant of Seisin
Definition
grantor warrants that he owns estate he purports to convey.
Term
covenant of right to convey
Definition
grantor warrants that he has right to convey property
Term
covenant against encumbrances
Definition
grantor warrants that there are no encumbrances on property. This cannot be breached unless encumbrance existed at time of conveyance.
Term
examples of encumbrances
Definition
mortgages, liens, easements
Term
what are the future covenants of warranty deed
Definition
1. covenant of general warranty
2. covenant of quiet enjoyment
3. covenant of further assurances.
Term
future covenants
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.
Term
covenant of general warranty
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.
Term
covenant of quiet enjoyment
Definition
grantor warrants that grantee will not be disturbed in possession and enjoyment of property by assertion of superior title.
Term
covenant of further assurances
Definition
grantor promises to execute any documents required to perfect title conveyed.
Term
what is the general rule for recording deeds?
Definition
first in time, first in right
Term
race statute
Definition
party that wins race to record prevails
Term
notice statute
Definition
prevailing party must take
1. w/o notice AND
2. pay value
Term
Race notice statute
Definition
prevailing party must
1. pay value
2. take w/o actual or constructive notice AND
3. record before prior purchaser
Term
shelter rule
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.
Term
Who is protected under the recording statutes?
Definition
Usually Purchasers are protected, but Donees and Devisees are not protected.
Term
Chain of title
Definition
A deed in the chain of title is constructive notice of all other deeds referred to in the deed discovered
Term
types of notice (with respect to a prior claim on land)
Definition
1. actual notice
2. record notice
3. inquiry notice
Term
actual notice
Definition
one is personally aware of conflicting interest in real property (Example: someone else is in possession)
Term
record notice
Definition
notice one has based on properly recorded instruments
Term
inquiry notice
Definition
based on facts that would cause reasonable person to make inquiry into possible existence of interest in real property.
Term
Constructive notice
Definition
law deems you to have constructive notice, regardless of actual knowledge. Inquiry and record notice are constructive notice.
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