Lecture 4 & 5
Lecture 4 & 5 Blaw 3312 -001
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This 3 page Class Notes was uploaded by loveena Cherukunnathu on Sunday September 13, 2015. The Class Notes belongs to Blaw 3312 -001 at University of Texas at Arlington taught by John D Dowdy in Summer 2015. Since its upload, it has received 107 views. For similar materials see Law II in Business at University of Texas at Arlington.
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Date Created: 09/13/15
Lecture 4 90815 H Freehold estates 1 Fee Simple 2 Highest interest owned in a land It is always somewhere in any interest of land it may be split up Example if president wants to buy the land but president has a different purpose than identified purpose So can use fee simple if he can get both owner qualified fee and the grantor who has the possibility to revert Qualified fee aka a fee simple defeasible If the grantee ever ceases to use the land for the identified purpose then the grantor has the right of reversion of the possibility of revert 3 Life estates Reversions and Remainders O 9 A for life 9 B remainder O s convinces A for life did not create a remainder So 0 owns something back this means 0 has a reversion o If A dies then A can t pass on remainder because Ajust had the land for life 0 A can sell the land but B will still get an estate for the life of A can t sell more than what he has 0 creates this life estate with no reversion but creates also a remainder interest 0 has conveyed the whole fees simple 0 When B has it then B has part of the Fee simple Present interest life estate Future interest remainder or reverse in O but it is for interest but has a life tenant presently o If tenant is responsible for the possession but there are some limits to what he can do with the land 0 Entitled to the land in the same condition the life tenancy was created I Can t commit waste 1 Affirmative waste at the beginning of the life estate it s a farm there were crops and animals life tenant is required to continue that kind of use for the farm Nothing extra like can t have a lumber mill 2 Permissive waste life tenant has a duty to repair to maintain in the same condition as possible 3 Ameliorate life tenant changes the character of the land I can make more money if did this and change the land structure o Vested reminder future interest might be contingent remainder reversion Something has to happen before the owner of the reversion has to get the land back 0 Example contingent remainder ifA has land for life B gets contingent remainder if he has kids I As soon as Ajunior is born it passes through Ajunior s estate 0 Unreasonable restrains of alienation when it remains in 1 family I Rule against perpetuities if you have this contingent future interest the remainderreversion one if it is going to vest at all it must match with lives of being plus 21 years this is the perpetuities period 0 This rule only applies to contingent future interest If future interest is invested this rule doesn t apply 0 This is to prevent an unreasonable restrain on alienation of land 0 Example Case Norris VS North Carolina National Bank 0 Estate of Thomas Norris In his will he left certain land to his children but 1 piece of land left to someone else The children challenged that part of the will because they said daddy only got a life estate in that land and he couldn t dispose it on his will The children were named as the remainder o The court had to go back to when the interest was created The interest was created in the will of Thomas s grandfather This will left life estates to the guy s 3 daughters And remainder to Thomas s children for life Remainder in fee simple to the great grandchildren o It didn t vest over the perpetuities period It is impossible for a grandchild to be born 21years after the mom died o It resulted in there was a gap in the last will the will didn t dispose of this remainder So passed by interstice inherited according to law so Thomas gets the remainder interest by inheritance When he died he owned the fee simple which means he can dispose it in his will however he wants 0 Factors to decide value of the land age of the life tenant Fractional interest value of the land and age I Leasehold estates o If you have a real estate lease under the common law the lessee gets the leasehold estate This means lessee is entitled for exclusive possession during the term of the lease 0 Periodic tenancy with no specific duration Simple specify that rent is paid in an interval Lecture 5 91015 I Transferring ownership of realty 1 Contracts 0 That s when the seller and the buyer agree that this transaction is going to take place 2 Deeds 0 Closing of a contract seller signs the warranty deed to the buyer Buyer pays the purchase price 0 Quick claim deed no warranty grantor is simply agreeing but not intending Waived the warranty This is used to clear up technical title defects 0 General warranty deeds warrants against all defects Chain of title AgtBBgtC this deed will warrant anywhere in the chain 25years or older will be stopped by the statute of limitations 0 Special warranty deeds warranty that only warrants the defects in the title which appear after deed acquired title Wouldn t warrant predate these acquisitions of title It has a time window This will work if previous transactions had title insurance so cover previous transactions 3 Marketable title and recording statutes 0 Marketable title clean title 0 Record everything you do on county court then the whole world can see this 0 Abstract of title People are trained to research and make copies of the documents from county clerk office 4 Wills and interstate succession inheritance 5 Adverse possession limitation title 0 Statute of limitations time window to do something 0 Adverse possession a party that has no interest in the land no title no claim of title just moves in and claims it o If the statute of limitation expires it s possible the trespasser can get title of the land 0 Naked trespasser no color of title no document to claim the land 10 year statute of limitation in Texas for this 0 Has to be actual possession open notorious hostile continuous
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