Leasing Real Property
This landlord tenant estate is automatically renewed for successive periods unless the landlord or tenant terminates the tenancy by giving advance notice.
What is a periodic tenancy?
These are the three major steps in a typical real property sale transaction.
What are purchase contract, closing, and title protection?
This person acquires title without notice of an adverse claim and pays valuable consideration?
Who is a subsequent bona fide purchaser?
These are the four key parts of real finance property transaction.
What are obligation, security, foreclosure, and rights after foreclosure?
This is the formal process where parties in a lawsuit exchange information and evidence before trial.
What is discovery?
This principle of lease termination applies when a landlord breaches the implied covenant of quiet enjoyment through wrongful interference of the tenant's possession.
What Constructive Eviction?
What is part performance?
In this search system, each parcel of land is assigned a unique identifier, sometimes called a parcel identification number.
What is a Tract Index?
This is a specialized type of contract between the borrower and the lender by which the borrower agrees to repay the loan on certain terms and conditions.
What is a promissory note?
Under this rule, all animal owners and possessors are strictly liable for harms caused by their animals trespassing on another’s property.
What is strict liability for trespassing animals?
If a tenant abandons the property before the lease term ends, and landlord could chose among these three options.
What are sue for all rent, terminate the damages, and mitigate damages and then sue for rent?
These three covenants are breached, if at all, at the moment the deed is delivered.
In most states, this is the dominant method for collecting on a secured loan after the borrower's default.
What is a nonjudicial foreclosure?
Under this doctrine, the buyer is seen as the equitable owner of the property once the contract is signed while the seller is viewed as the equitable owner of the purchase price.
What is equitable conversion?
Larry leases to Tim for a term of 10 years at a monthly rent of $2,000. Two years later, Tim transfers “all my interest in this lease” to Ulla; three years later, Ulla “subleases and assigns” to Vern for a period of two years. No one is paying rent to Larry. This person is liable to Larry for rent.
Who is Ulla, under privity of estate?
“Every conveyance of real estate shall be void as against any subsequent purchaser who takes without notice and provides value, unless the conveyance first is recorded.” This statute is an example of this type of recording act.
What is notice?
Name this chain of title problem:
S conveys to B, who does not record.
B conveys to C.
C records.
S conveys to D.
D records.
What is a wild deeed?
If foreclosure proceeds do not fully repay the lender, the lender can do the following as a remedy.
What is sue the borrower for breach of contract and obtain a deficiency judgment for the remaining balance.
Intent to do the conduct that constitutes the attempt and the intent to commit the completed offense satisfies the mens rea for this kind of crime.
What are attempt crimes?
Laurie leases an apartment to Toby for a term of two years; Toby agrees to pay $1,000 each month in rent. Six months later, Toby’s employer transfers him to a new state, so Toby vacates the apartment, stops paying rent, and notifies Laurie that he has left. For six months, Laurie does nothing to find a new tenant for Toby’s unit. Laurie then advertises the unit for rent in the local paper and also retains a real estate broker to find a tenant. Pablo immediately offers to rent the unit for $800 per month; Laurie refuses this offer because she is reasonably confident that Randy, another prospective tenant, will agree to pay $1,000 per month. But Randy is killed in an automobile accident. Laurie never finds a replacement tenant. Tony is liable for this amount.
Tony is liable for $12,000.
Seller knows that the plumbing throughout his house is dated. He read in a magazine that many of the connections in homes of this age can be brittle and rusted, the result of the galvanized steel piping sometimes used during this period. Several years before, Seller noticed a rusty tint in the water coming from his bathroom. He hired a plumber who replaced a galvanized steel inflow pipe under the sink with a modern one made from PVC. Buyer is a certified master plumber. This scenario illustrates this principle.
What is duty to disclose?
Steve conveys Greenacre to Beata for $150,000 on April 2, but Beata fails to record her deed. Steve conveys Greenacre to Cab for $200,000 on May 1. Cab has no actual notice of Beata’s interest. Beata records her deed on May 5. Cab records his deed on May 7. In a notice jurisdiction, this person owns Greenacre.
Who is Cab because he is a subsequent purchaser without notice?
When Barry purchased a fee simple absolute in a commercial office building, he agreed to assume the existing loan for $3,000,000 owed to Lloyd, which was secured by a recorded mortgage on the property. Two years later, Barry borrowed $1,000,000 from Laura, secured by a mortgage on the property which Laura quickly recorded. Six months later, all the tenants in the building moved out, and Barry leased the entire building to Tina for a term of 10 years pursuant to a valid lease. A few weeks later, Barry stopped making payments on the loan from Laura, and she eventually foreclosed on the property. Sam purchased the building at the foreclosure sale and now holds a fee simple absolute. Sam’s title is subject to this encumbrance.
What is Lloyd's mortgage?
The foreclosure of a mortgage eliminates the mortgage being foreclosed on and all junior interests, but does not affect senior interests. Here Laura’s mortgage was second in priority because she was on record notice of Lloyd’s prior mortgage; and Tina’s lease is third in priority because she was on record notice of both of the prior mortgages. Accordingly, the foreclosure eliminates Laura’s mortgage and Tina’s lease, but does not affect Lloyd’s mortgage because it is a senior interest.
Under this rule a buyer has a right to refuse delivery if goods don't perform fully, but the seller has the right to cure any defective goos in the contract time.
What is the perfect tender rule?