LAW 600 Chapter 26

Bilateral Contracts

Written agreement between seller and buyer, making reciprocal promises.

Options Contract

Outlining price seller actively agrees to, so long as buyer buys within a set time frame.

Void Contract

Legally unenforceable from the start because it lacks essential legal elements.

Voidable

Option to rescind by either party.

Estates in Land

Levels of ownership or interest someone has in a particular piece of real property.

Just Compensation

Fair value for a property, usually market value.

Economic Development

Creates jobs and increases tax revenues to revitalize communities.

Quitclaim Deed

Least protection to defects of Title.

Whatever grantor's interested is conveyed.

Seller is unaware of the extent of their rights.

Used in Divorce or business dissolution.

Grant Deed

Carry an implied warranty that grantor owns property and did not previously transfer it, except set out in deed.

Eminent Domain

Condemnation power of the government and their right to acquire possession of real Property as directed by the constitution.

Right to Take

Government must prove it needs to acquire private land for public use.

Condemnation Proceedings

Establish the government right to take and determine fair value for the property.

Deeds

Name the parties, words with the intent to transfer, legally sufficient description of the land, grantor and usually spouse's signature, and delivery of deed.

Warranty Deed

Best protection to defect of Title.

Special language required, and grantor is liable for defects.

Grantor has to have power to convey, promise quiet enjoyment, and assures no adverse third parties.

Special Warranty

Good title ONLY when grantor held it and no guarantee of adverse third parties.

Lions disclosed, seller is not liable, but if not disclosed, seller is liable if third parties come to mess.

Tenancy by the Entirety

Marriage.

Cannot transfer interest without spouse content.

Terminated by divorce, death of spouse, or mutual agreement.

Community Property

Applicable only in some states.

Property acquired during marriage, not before or after.

Equally ½ interests, and if divorced, divided equally.

Leasehold Estates

Lessor and tenant, where Tenant possession is temporary.

Exclusive possession for a period.

Qualified because landlord can enter land, and tenant can use land without waste, or ruining the land.

Easement

Nonpossessory interest that is the right to make limited use of another's land without taking anything.

Easement Appurtenant

Owner of land has the right to go onto or remove from adjacent land owned by another.

Dominant Estate benefits, servient Estate is burdened.

Easement Gross

Right to use or take from another's land without owning the adjacent land.

Meant to benefit particular people or businesses, but CANNOT be transferred.

Easement Creation

Express grant in a contract, deed, or will with terms to the extent or length of time and terms.

Implication

Easement Creation where the circumstances around the parcel imply its creation.

Necessity

Easement Creation where its needed and does not require division of property, like a tenant needing access to a private road to get home.

Prescription

Easement Creation obtained without the landowners consent after staying on the property for a certain length of time.

Easement Termination

Deed it back to burdened owner, or merge lots of the dominant and servient Estates.

Abandon it and show sufficient evidence of the intent to relinquish.

Fee Simple Absolute

Owner has most power possible, where it passes to hiers and is potentially infinite in duration.

Life Estate

Transfer to someone for the length of their life.

Right to use something so long as no injury to the land, or waste.

Maintain property value during tenancy.

Tenancy in Common

Undivided shares of the whole property that pass to heirs upon death.

Can pass to another without consent of other owners.

Shares can be unequal.

Joint Tenancy

Ownership passes to other owners upon death, NOT HIERS.

Distinguished by right of Survivorship.

Transferring ownership by gift or sale makes the recipient a tenant in common.

Interest can be levied against judgment creditors, where the remaining owners then become tenants in common.