Property II-JA - Property II By Jeff Amato Professor Zinman...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Property II By Jeff Amato Professor Zinman I. Transfer of Real Property A. Definitions Fee Simple Estate – Z A + his heirs, granting all the rights to A. Fee Tail Estate – An estate that is restricted in inheritance, i.e. Z A + his bodies heirs. (limited to children) Seisen – Right to possess property and ownership Delivery of seisen, the conveyance of land, historically signified by the giving of a twig… Deeds – Replaced the historical delivery of seisen, Deeds serve the purpose of placing others on notice that the property was transferred. Purchaser – anyone receiving land Fee Simple Determinable – A B so long as it is used as a church, Possibility of reverter ; A’s interest in B’s land. Automatically takes effect upon failure of condition. Fee subject to a condition subsequent – A B and his heirs, but if the premises is used for alcoholic purposes, then A may re-enter and possess the premises. Not automatic. Rule in shelleys case – A fee simple left to B for life and remainder to B heirs creates a fee simple absolute in B. B. New York EPTL §6-1.1 Classification of Estates Fee simple Absolute Fee on condition (condition subsequent) Fee in limitation (determinable) Estate for life Estate for years (lease) Estate from period to period (tenancy) Estate at will (leave when told) Estate by sufferance (tenant on land after lease is over) C. Conveyance of real property 1. Contract of Sale Statute of Frauds , NY Gen Oblig Law §5-703 – contracts in the sale of land must be in writing and signed by the party to be enforced against. Equitable Conversion – A court of equity will grant specific performance in a contract for the sale of land. Absent a provision in the contract if the property is destroyed the buyer 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
bears the risk of loss. NY holds the minority view that the seller bears the loss. Description – The description of the property must identify the property. A failure to describe will render the title unmarketable Marketable Title – The implied warranty that comes in the contract for the sale of land. a. No substantial defect that is not subject in the contract b. No undisclosed material defects. c. No encumbrances, inconsistencies d. Easements render title unmarketable but zoning rules probably do not. e. Purchaser can walk away if a material defect exists f. What has been promised to be conveyed g. Once title has been accepted and payment tendered then implied warranty is over, only the express warranties that were put in the deed remain. h. Agreement to convey a quit claim deed still comes with an implied warranty before conveyance. Merger Doctrine
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/18/2008 for the course LAW 1030 taught by Professor Todres during the Spring '02 term at St. Johns Duplicate.

Page1 / 20

Property II-JA - Property II By Jeff Amato Professor Zinman...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online