Present Estates and Future Interests
The default estate
What is a Fee simple
The default estate
What is Tenancy in common
Name all four types of leaseholds
Tenancy for years
Periodic Tenancy
Tenancy at will
Tenancy at sufferance
In order for a benefit to run to successors, the following four elements must be present
Writing
Intent
Touch and concern
Relaxed vertical privity
Two components to a mortgage
the note
the mortgage
Capable of lasting forever, but may be terminated by the occurrence of an event
What is a defeasible fee
Rights of a TIC
(1) a separate but undivided interest in the property
(2) the right to possess and enjoy the entire property
(3) the right to transfer their interest in the property freely during their lifetime or at death
If a month-to-month basis, tenant gives notice of termination of June 11th, when will it go into effect.
July 31st
Remedy for breach of covenant v. equitable servitude
Breach of covenant- money damages
Breach of equitable servitude- injunctive relief
A mortgage where the borrower takes out a loan for the purpose of purchasing property
Purchase-money mortgage
This language creates me:"While" "During" "Until"
What is a Fee simple determinable
How a grantor converts a Joint Tenancy
(1) makes a Clear expression of intent
(2) uses survivorship language
Only tenant allowed to terminate...
(A) If the agreement only gives the landlord the right to terminate, the tenant also gets the right to terminate implicitly
(b) if the agreement gives only the tenant the right to terminate at will, the landlord is NOT given the right to terminate at will
Name all types easements - 4
express easement, implied easement by implication, implied easement by necessity, implied easement by prescription
Four exceptions to the first in time rule
Purchase-money mortgages
Unrecorded senior mortgages
Subordination agreements
Mortgage Modifications
Right of entry does not vest automatically
What is a fee simple subject to condition subsequent
P.I.T.T.
Interest
Time
Title
Terms of prior lease control until.... (three)
(1) landlord evicts the tenant
(2) the landlord re-lease the property to the tenante
(3) the tenant voluntarily vacates
Name the 7 ways to terminate an easement
Release
Merger
Abandonment
Prescription
Sale to BFP
Estoppel
End of necessity
Three future covenants
covenant of quiet enjoyment
covenant of warranty
covenant of further assurances
" O conveys Greenacre to A and his heirs, but if Greenacre is no longer used as a farm, then to B and her heirs.
What is a fee simple subject to executory interest?
Lien theory v. Title theory
Lien- majority- mortgage is treated as a lien and does NOT terminate the joint tenancy
Title- minority- mortgage will terminate the JT and they will become TIC
What are the implied warranty and covenant
Implied warrant of habitability
Implied covenant of quiet enjoyment
In order for a BURDEN to run to successors the following six elements must be present
writing
intent
touch and concern
strict vertical privity
horizontal privity
Notice
This type of deed does not put subsequent purchasers on constructive notice
Wild deed