Property II Outline-Nadeen Aljijakli

Property II Outline-Nadeen Aljijakli - PROPERTY SPRING 2003...

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PROPERTY – SPRING 2003 PROF. DI LORENZO NADEEN AL-JIJAKLI ESTATES AND LAND ......................................................................................................... PAGE 1 FEE SIMPLE ESTATE ........................................................................................................ PAGE 3 LIFE ESTATE ...................................................................................................................... PAGE 4 NON-FREEHOLD ESTATES .............................................................................................. PAGE 4 PERIODIC TENANCY ......................................................................................................... PAGE 5 REMEDIES .......................................................................................................................... PAGE 6 POSSESSION ..................................................................................................................... PAGE 7 COVENANT OF QUIET ENJOYMENT ................................................................................ PAGE 8 COVENANT OF FITNESS ................................................................................................. PAGE 10 WARRANTY OF HABITABILITY ...................................................................................... PAGE 10 TENANT’S OBLIGATION (REPAIR, ETC.) ...................................................................... PAGE 12 DUTY TO AVOID WASTE ................................................................................................. PAGE 13 LANDLORD’S RIGHTS AND REMEDIES ........................................................................ PAGE 13 ASSIGNMENTS & SUBLETTING ..................................................................................... PAGE 17 PRIVITY OF CONTRACT / ESTATE ................................................................................. PAGE 19 STEPS IN CONVEYANCE ................................................................................................ PAGE 19 STATUTE OF FRAUDS .................................................................................................... PAGE 20 MARKETABLE TITLE ....................................................................................................... PAGE 21 RISK OF LOSS .................................................................................................................. PAGE 22 DUTY TO DISCLOSE ........................................................................................................ PAGE 23 DAMAGES ........................................................................................................................ PAGE 25 DEEDS .............................................................................................................................. PAGE 26 MORTGAGE ...................................................................................................................... PAGE 29 RECORDING SYSTEM ..................................................................................................... PAGE 30 EASEMENTS .................................................................................................................... PAGE 32 COVENANTS .................................................................................................................... PAGE 32 1
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ESTATES AND LAND An estate is an interest in land, measured by some period of time, that is or may become possessory. The common law developed the following estates: Freehold: Freehold was the highest form of holding under feudal tenure. Freeholder has seisen (i.e. title to the property). Obligation to the crown. A person seised of the land was responsible for the feudal services, and feudal taxes were due on the death of a person holding seisin. Fee simple: An estate that has the potential of enduring forever, until the current holder dies without heirs. The holder is commonly called the owner of the land. “O to A and his heirs.” Presumption has been changed: “and his heirs” requirement eliminated by statute (ex. NY EPTL 2-1.4) and often by case law. “O to A” conveys a fee simple if the grantor had a fee simple. Fee simple absolute: Absolute ownership, estate is potentially infinite duration (fee). There are no limitations on its inheritability (simple). It cannot be divested, nor will it end on the happening of any event (absolute). Appraise interest at full fair market value (monetary reflection of rights); can be pledged as collateral. Fee tail: An estate that has the potential of enduring forever , but will cease when the first fee tail tenant has no lineal descendants to succeed him in possession; property stays in family. “O to A and the heirs of his body” [from common law]. Fee tail is abolished in almost every state (becomes fee simple- “heirs of his body” become null and void), except in NY: EPTL §6-1.2 If there’s no interest following the fee tail (only reversion back to O), then fee simple absolute. Life estate: An estate that will end at the death of a person. “O to A for life.” Common law presumption, if deed only read “O to A” , this created a life estate only (limited amount of land to be conveyed). See fee simple. Appraise interest at discounted value of life estate; can still be pledged as collateral. Nonfreehold: Not considered to be estates, but merely personal contacts. Leaseholder has possession only. No obligation owed to the crown.
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