Concurrent Ownership
Undivided Interests
No Survivorship
Can't exclude co-tenants
Tenancy in Common
exclusive right to sell
exclusive agency
open or nonexclusive
Broker Agreements
whoever records first, wins; regardless of actual knowledge
Race Statute
right to use another's land for a limited purpose
Affirmative Easements
A promise to do something relating to land
Covenant
physical division of the property between the former co-tenants - if granted, land is divided by percentages and they are no longer co-tenants
Partition in Kind
most obligations imposed by the contract of sale are discharged unless they are repeated in the deed
Doctrine of Merger
protects subsequent purchasers without knowledge/notice
Notice Statute
right to prevent someone from blocking something elemental on their land
L - Light
A - Air
S - Structural Support
S - Stream from a Source
Negative Easements
M - Merger
R - Release
C - Condemnation
A - Abandonment
P - Prescription
A - Agreement
C - Changed Conditions
E - Estoppel
Termination of Covenants
co-tenant must deny other co-tenant the right to enter/enjoy the property
Ouster
General Warranty
Special Warranty
Quitclaim
Types of Deeds
If subsequent purchaser is without notice, could "win" if files before prior purchaser does
Race-Notice
involves 1 piece of land
no dominant land
Easement in Gross
I - Intent
T - Touch and Concern
H - Horizontal & Vertical Privity
N - Notice
Real Covenant
T - Title
T - Time
I - Interest
P - Possession
Joint Tenancy: Creation
if the house is sold a foreclosure for less than amount of the mortgage, lender can bring an action against mortgagor for the rest of the debt
Deficiency Judgement
innocent party who purchases property without notice of any other party's claim to the property
Bona Fide Purchaser
involves 2 pieces of land
dominant = benefited
servient = burdened
Easement Appurtenant
W - Writing
I - Intent
T - Touch and Concern
N - Notice
(ES)
Equitable Servitude
Divorce
Death
Bilaterally convey interests to 3rd party
Ways to Sever Tenancy by the Entirety
ARM - intro rate period of 3 yrs or less
Intro rate at least 3% below fully indexed rate
Borrower debt-to-income ratio exceeded 50%
Loan-to-value ratio OR prepayment penalty
Allows bona fide purchaser to convey title to a third party even if third party is on notice of an earlier conveyance
Shelter Doctrine
other ways to create easements
I - Implied by Prior Use
N - Necessity
E - Estoppel
When a developer subdivides a tract of land, putting restrictive covenants on some, but not all, of the parcels
General Scheme Doctrine