Professional Documents
Culture Documents
Cause Mortis: 1)reasonable apprehension of imminent death 2)revocation? 3) intent 4) delivery 5)accetnace 7
Property Right on Gift7
Voidable Title Doctrine (Owner stripped of title must have voluntarily transferred it) GFP 7
Statutory Estoppel Doctrine (Bars owner from recovering when entrusted to merchant to gfp 8
Equitable Estopple Doctrine (Bars owner from recovering but owner must have made representation) 9
Purchaser In Good Faith (ALL 3) Value given. Not good faith when has Actual, constructive, or inquiry notice 10
Property Rights Based on Labor 10
Three types of instances 1) Will trespass: Value of property at time of demand 2)Unintientional, mistake, or vendor of mistaken
trespasser: value of property when taken.(keep money from labor) 3) Purchaser without notice from willful trespasser has same rights:
value of materials when taken, however if they had added value as BFP they get value.
Property Based On Marriage 11
NO WILL: Intestate Share(100% NO kids, 50% witth kids) WILL: Elective Share(Can invoke and claim 50 w/o kids. With
kids 33%)
Divorce: Martial Property (Everythign subsequent except gifts or wills, and Degrees (except in NY) EQUITABLE
DISTRIBUTION
Concurrent Interests (Tenannts In Common, Joint Tenants, Tenants By the Entirety) For Real and Personal Except TIC 12
Joint Tenancy: 1) Express Declaration: Jointly not enough 2) Four Unities (Time,Title, Interest, Possesion) 12
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Sever: MAJ: Need strawman, Divocrce doesnt work MIN (NY): Can sever by declaration 13
Mortgage Lien? NO severance free of mortgage. IN NY, extent necessary to protect lender 14
Right To Alienate: For all except tenancy by the entirety (NY You can) 13
Partition (Co-owners no longer) :Voluntary or involuntary. Partition in Kind Preferred (never for chattel) Partition by sale:
1)impracticable 2)interests better protected 14-15
Duty To Avoid Waste (Interferes with rights of co-owners) Active: Permanent Passive: Ordinary Repairs/Prudent person 15
Right to reverter: Now alienable interests.. Exec. Interest when in 3rd party (remainder or limitation in NY)18
Estates for Years (If either dies, it continues.) Fixed period/ Commencment/ Expiration. 19
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Notice: Not required when coming to end. Can end by default 19
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Writing: One year or less, not necessary. If you intend 2 years, but no writng, estate at will, until rent paid than periodic.19
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Death: Needs to continue paying before notice and termination. Same for Year to Year.
Estate from Year to Year (periodic) No specific termination date. Successive renewals. 19
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No writing: Estate at will. But, if money offered, periodic tenancy month to month. 20
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Termination: By notice 1 period in advance, expiration must be at end of period, if notice is void, unenforceable.20
NY: 1-6 months before expiration of term by either party. NYC: Lanlodrd must serve 30 days. Tenant no has.
Pay Rent:
Duty to Vacate
Return Property (Repairs avoid wate) 26
Passive Waste (Only applies to commercial tenants.) Need to make ordinary repairs. 26
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Extraordinary Repairs: Neither tenant nor landlord responsible. 27
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NY: Right to terminate when premises are destroyed or injured due to the elements.
Landlord Remedies 27
Security Deposits: NY: Held in trust, not comingled. Landlord can use deposit for back rent, but duty to replenish if unused 27
Forfeiture of Lease: None of the tenants obligations are essential, unless landlord makes it so. 27
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Strictly construed (Rent clause but no forfeiture next to it, no forfeit)
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Must enforce in reasonable time or waived 27. Must be Substantial violation of material promise
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Demand for rent and opportunity to cure.
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Automatic: May reenter with or without law. Non-Automatic: May declare such lease ended. 28
Duty to Mitigate: 29
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Common Law 1) Treat as surrender 2) ignore the abandonment and hold tenant 3) attempt to relet (reasonable)
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MAJ: Duty to mitigate for residential, not for commercial NY: Not for either. Common law rememedies.29
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Reasoable Diligence/Efforts When opting in or forced to mitigate. (Does not need to alter oblig. Or take less) 29
Transferring Leaseholds Assignments and Subletting. (Common law freely alienable unless lease provides otherwise)
Special Skill: Usually alienable unless landlord relied on special skill (luxury to non-luxury) 30.
Consent Clause: MAJ: Can be waived regardless. MIN: Must act reasonably
NY: Commercial can deny arbitrarily (unless it says not be unreasonably withheld) Residential, cant be waived, but if refused free in
30 days. 31
Decision of Purchase. Satisfy Contingencies (seller right to cure) Closing Promises good title.
Good Marketable Title: Reasonable doubt of non-defect/ Magnitude of defect. May Refuse before clothing.
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Remedy: Seller has right to cure by time of closing or reasonable time thereafter. 34
Closing/Merger Covenants of K merge into deed. Once closing finishes, cant sue for breach ofg title. 34
1. General Warranty Deed (FULL Warranty in NY)34
a. : Present Covenants MAJ: Dont run MIN DO RUn
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1. Covenant of seisin (MAJ: DOES NOT RUN NY: DOES) 34
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2. Covenant of right to convey 35
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3. Covenant against encumbrances (right that exists in 3rd party, mortgage, easement, etc.) AT TIME OF CONVEY
Promises: Future Covenants. NORMALLY RUN W LAND AS LONG AS THEY STAY COVENANTS
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4. Covenant of Warranty
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5. Covenant of Quiet Enjoyment (Must be an ouster)
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6. Covenant of Further Assurance (FIX TITLE)
Special Warranty Deed (Bargain and sale w/ covenants) 36 You are aying hey, Im only promising you I didnt fuck up title.
Quit Claim Deed Bargain and sale w/o covenants You are saig hey, I can only promise nothing. 36
***********************Remember, if there is a QC in between or SW in between an original GW, it does not break chain.
Recording Acts (Multiple purchasers)37
Notice Recording (No majority rule) Protects subsequent purchaser who paid value and without notice
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Actual Knowledge
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Constructive Knowledge (Check public records, legal obligation to check. Must be properly recorded)37
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Inquiry Notice (Duty to investigate/ would be a reasonable person be suspicious) ex:actual possession 38
Race Notice: Protects subsequent purchaser who at time of purchase did not have notice and was the first to record 37
IF NEITHER PROTECTED BY A STATUTE (Intestacy, will, etc, or if both dont record) First in time, first in right 37
Documents:
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Promissory note (K obligation to pay off debt)38
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Mortgage (fixed rate, adjustable rate) Majority:Security interest is mortgage. MIN: 3 parties. Deed of trust 38
Nonjudicial: Notify borrower, Deed of trust right to auction. BUT, Borrower not liable to
deficiency (difference between cost sold and debt owed) 39
Judicial: Default notice, 90 day foreclosure notice, acceleration letter, court proceeding, settlement
conference, referee, public sale.
Subordination: Tenants normally subordinate as are existing loans and leases terminated
Default: Not paying 2nd mortgage= default on first., taxes, loan. Can accelerate.
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Due on Sale Provisions: Residential: Previous payments are due. Commercial you can assume
Take subject to: purchaser not liable for past. Assumption:Promises to pay off past. 40
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Right to Redeem: Get back property 41
Equitale Right to Dedeem: Ends when properry is sold in foreclosure sale. Anytime after referee
Statutotry Right to Redeem: Protective of borrower: After foreclosure, normally owner is still
owner. They can have up to 18 months to get back property 41