1
Convenant of Seisen
the grantor promises that he ownes the estate which he pro-ports to convey
coant of futher assurances
will take all future steps necessary and reasonable to cure title defects that existed at closing
Conservation easement
Restricts the development and use of servient land in order to preserve open spaces, farmland, histroical sites, or undevloped land
Reinstatement
a borrower can avoid foreclosure by paying the missed payments before the lender accelerates the loan
O→ to A for 10 years, then to B and his heirs.
A: Present interest in an estate for a term of years
B: Vested remainder in FSA (assuming B is alive)
Conanent of right to convey
Grantor promises that he has the right to convey title
Race J
The purchaser who records first have priority
Preasault v. U.S
equitable redemption
Where a transaction is a sale in form, but the parties intend it to be a mortgage, the court will treat it as a matter of equity
O→ to A for life, then to B and her heirs if B survives A, and if B does not survive A to C and his heirs.
A: Present interest in a life estate
B: Contingent remainder in FSA (contingent because it is subject to the condition precedent that B must survive A.)
C: Alternative contingent remainder in FSA (contingent because it is subject to the condition that B not survive A)
O: Reversion in FSA
RAP applies first to C’s contingent remainder, which is valid because C’s interest must vest, that is, the condition must disappear within the perpetuities period. That will happen because the condition depends on the death and survival of lives in being. RAP also applies to B’s contingent remainder and is valid for the same reason.
Covnet agsinst encumbrances
Grantor promises that there are noncumbrances on the title other than those that were expressed in the deed
Notice J
The subsequent purchaser who has no notice of the prior interest is a BFP and thus has priority
Lomeyer v. bower
Foreclosure sale
O→ to A for life, then to B for life.
A: Present interest in a life estate
B: Vested remainder in a life estate (assuming B is alive)
O: Reversion in FSA
covnt of warranty
Race- notice J
the sub purchaser who has both no notice and records first is BFP
Unmarketable if
The sellers interest less than what she proports to sell; subject to an encumbrance; reasonable doubt about either
RPP
Forever vest or never within 21 years
O→ to A for life, then to B and her heirs if B survives A.
A: Present interest in a life estate
B: Contingent remainder in FSA (because B must satisfy the condition that s/he survive A to take the estate.)
O: Reversion in FSA
RAP applies to the B’s future interest, but the interest is valid because B cannot survive A after B is dead, and B is a life in being at the creation of the interest.
covents of quiet enjoyment
grantees interest in the property will not be disturbed by anyone holding a superior title
Methods of termination
express termination, misuse, merger, abandonamnet, estoppel, condemnation, release
Elk Creek v. Gilbert
O→ to A and the heirs of his body, but if A divorces, O may reenter.
A: Present interest in a fee tail subject to condition subsequent (because if A divorces, O has the option to retake the estate)
O: Right of reentry (because a triggered condition, the divorce, would give O the option to re-take the estate) and a reversion (following the natural termination of the fee tail) combined are called a reversion, in FSA
O→ to A and his heirs, but if the premises are not used for school purposes during the next 20 years, to B and his heirs.
A: Present interest in a life estate
B: Vested remainder in FS subject to divestment (subject to divestment because B could die before A – that is, before the interest would become possessory, thus losing it in favor of C)
C: Shifting executory interest in FSA
O: Nothing
RAP applies to C’s executory interest, but is the interest is valid for the same reason as in Problem #10.