Summary MBE Property In-class activity

MBE Property SUMMARY In-class activity Actual Notice - direct knowledge of a fact, such as that a property to be acquired is encumbered, or information sufficient to make a prudent person inquire as to such fact Adverse Possession - way to acquire complete title to land as against all others, including the record owner, through Open, Continuous, Exclusive, Adverse, Notorious possession for the Statutory period easement appurtenant - right of one owner of land (dominant estate) to make use of the land of another (servient estate) that abuts the dominant estate and passes with the title to the dominant estate assignment - transfer of the lessee's entire interest in the lease, making the assignee primarily liable to the landlord for the rent, and the original tenant only secondarily liable bona fide purchaser - one who pays valuable consideration for an interest in property, has no notice of other encumbrances on the interest and acts in good faith chain of title - the successive conveyances of a certain property, consisting of all documents affecting title, the existence of which is readily available to a bona fide purchaser class gift - a gift to a group of persons, uncertain in number at the time of the gift, to be ascertained at a future time, who are all to take in equal or other definite proportions, the share of each being dependent for its amount on the ultimate number of members of the class Common Development Scheme - plan for subdividing land which intends that all parcels be subject to a restriction, which may be evidence by a recorded plan, a general pattern of restrictions, or oral representations to early buyers. the finding of a common scheme in a residential development allows you to imply equitable servitude restricting al parcels sold after the scheme arose. Condemnation - taking of private property for public use, such as building a highway, which raises a duty of just compensation under the due process clause of the constitution. the power to condemn property is known as eminent domain Condition Precedent - an act or event that must exist or occur before an interest in property that is subject to it can become vested Condition Subsequent - an act or event that will extinguish a particular interest in land. an estate subject to a condition subsequent is an interest in property which may last forever, except upon the happening or non-happening of a specified event, at which point it will become subject to termination via ??? Constructive Eviction - circumstances controlled by the landlord amounting to substantial interference with tenant's use of the premises that compel the tenant to leave the premises though he is not asked to do so by the landlord (failure to maintain premises in a condition fit for occupancy) Constructive Notice - awareness of a fact that is presumed by law to have been acquired, namely the presumed knowledge of all instruments within a purchaser's chain of title Contingent Remainder - a remainder created in favor of an ascertained person, but subject to a condition precedent in favor of an unborn person, or in favor of an existing, but unascertained, person. Covenant of Habitability - a promise by a landlord that at the inception of the lease, there are no latent defects in facilities vital to the use of the premises for residential purposes and that these facilities will remain in usable condition during the duration of the lease Covenant of Title - guarantee given by grantor to promise that title is of a particular quality Real Covenant - written promise, usually found in a deed, to do something on land (cut the lawn), or not do something on land (park an RV). for the burden to run to successive estates requires intent, notice horizontal and vertical privity, and it must touch and concern the land. for the benefit to run, the intent, vertical privity, and touch and concern prongs must be met. remedy: damages. Dedication - conveyance of land by a private owner in the nature of a gift or grant and an acceptance of that land by or on behalf of the public. streets in a development are usually acquired by the town through a dedication to the public of the properly comprising streets. Defeasible - an estate that can be either partially or fully defeated at some future time. Delivery - a legally recognized handing over of one's possessory rights to another Determinable Estate - an interest in property which may last forever, except upon the happening or non-happening of a specified event, at which point it will automatically terminate ("so long as"). Dominant Estate - an estate whose owners are entitled to the beneficial use of another's property, most commonly by way of an easement. Easement - a non-possessory right, created by an express or implied agreement, of one owner of land to make lawful and beneficial use of the land of another. a property right Easement in Gross - a personal privilege to make use of another's land. Easement by Necessity - Easement created by the operation of law without a writing, in which the dominant and servient estates must have been held in common ownership at the time the easement was allegedly created, and in which the easement is strictly necessary for the use of the land Easement by Implication - easement created by the operation of law without a writing, where the dominant and servient estates must have been held in common ownership at the time the easement was allegedly created, the servient estate was used in an apparent and continuous way such that a quasi easement could be said to exist, and the continued use of the quasi easement must be reasonably necessary to the enjoyment of the dominant estate Eminent Domain - the power to take provate property for public use by the state or those authorized to exercise functions of public character