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Flashcards in Property Essay Deck (14)
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1
Q

Essay

Equitable Servitude

A

Is a covenant that equity will enforce against the assignee of the burdened land who have notice of the covenant.
* there need not be privity to enforce the Burden on an equitable servitude.

Remedy:
* is injunctive relief

Enforce Burden:

  • There must be:
    1) Intent that restriction be enforced by successor
    2) Touch and concern the land
    3) Notice to subsequent purchaser
2
Q

Easement for view

A

There is no general easement for view

3
Q

Easement for Light

A

Easement for light are recognized but cannot be created by implication.
* there must be prior ownership + Notice

4
Q

Essay

Doctrine of Equitable Conversion- Risk of Loss

A

Once a land sale contract is signed, the seller’s interest is considered personal property, and the buyers interest is considered real-estate.
* once the contract price is paid, buyer becomes both the legal and equitable owner of the property.

Common Law:
* the CL and Maj rules states that in the contract and close of escrow, the buyer bears the risk of loss in the lad is destroyed and thus cannot w/drawl from the agreement (only applies if seller is not at fault)

Uniform Vender and Purchase Risk (nevada):

  • In contrast, Nevada applies the UVPRA which places the risk of loss on the seller unless the buyer has either legal title or possession of property at the time of the loss.
  • however, even adoption of the act the purchaser and seller may still specify who has the risk of loss.

Remedies:

  • where there is a material destruction of property, if the Seller has the risk of loss he has no remedy,
  • the buyer may rescind the contract and receive back any consideration she may have paid
  • the buyer, at her option may also get SP with abatement in purchase price.
5
Q

Property

Restitution

A

Where equitable remedy, a court will act to prevent unjust enrichment.
* after a contract has been rescind, the court may require one party to return benefit received from the other party, if it would be unjust to allow the party to keep the benefit.

6
Q

Essay

Profit

A

Is a non-possesory interest in land that allows for the natural resource to be withdrawn from the land for the benefit of the holder.

7
Q

Marketability

Contingent Remainder

A

Marketability
* Every contract of sale of land contains an implied warranty requiring the seller to convey Marketable title.

Contingent Remainder
* it is impossible to convey marketable title when a holder of a future interest in the property is unborn or unascertainable.

8
Q

Property Marketability

Remedies before Closing

A

1) Opportunity to Cure
2) Rescission
3) Restitution

9
Q

Property: Remedies following closing

Special Warranty Deed

A

1) Grantor has not conveyed an interest in anyone else

2) That the grantor has not encumbered the estate.

10
Q

Essay

License

A

Is a mere privilege to enter others land, and it does not need to Satisfy SOF.

  • it is freely revokable unless estoppel applies where the license has invested substantial money in reliance upon the licensee continuation
  • invalid easement creates a license
11
Q

Essay

Joint Tenancy

A

To create a JT requires the presence for the four Unitites: Time, Title, Possession, and interest.
* Conveyance must indicate that it is a joint tenancy

12
Q

Real Property

Termination of a Profit

A

Misuse of profit or over burdens

13
Q

Remedies Before Closing

Opportunity to Cure

A

Upon learning that a seller purports to convey unmarketable title, the buyer must notify the seller and giver him reasonable time to cure the defect.

14
Q

Race-Notice (Nevada)

Shelter Rule

A

Protects a transferee of BFP against any interest the BFP would have prevailed against even if the transferee had actual knowledge of prior unrecorded interest.