convey to indicate interest to transfer ownership Must contain adequate

Convey to indicate interest to transfer ownership

This preview shows page 59 - 62 out of 63 pages.

convey’ to indicate interest to transfer ownership Must contain adequate description of land Deed must be signed by grantor and grantor’s spouse The deed must be delivered to guarantee Methods of Describing land o Government survey Land can be described by reference to the US government survey Divided into 24 mile unit squares and then divided into townships 6 mile squares o Metes (measures of length) and bounds (boundaries of land) Explains exterior lines of land being sold May use a monument to mark a corner of a tract o Plat 59
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Most land in urban areas have been surveyed by developers and divided into blocks and lots on a plat Recording o An act of filing the deed with a public official and copies of deed into record books o Purpose is to give notice to the world at large that the transfer has taken place (constructive notice) o An unrecorded deed is valid between purchaser and seller, but is void to purchaser with good faith to value (Bona Fide Purchaser) Pays for market value and doesn’t act in a malicious manner Exception: unless previous unrecorded purchaser is in possession of land than no BFP Adverse Possession o A party can acquire ownership of land by taking possession of it and staying in possession for a certain # of years (10 years in Texas) o Cannot be lost BFP o Requirements Actual possession = possessor must have exercised some type of physical control over land Ex: must farm a farmland Doesn’t actually have to live there but must act as a normal property owner Hostile possession = possession must be nonconsensual Continuous Possession = must be continuous; not every single day but must intend to return Ex: only occupy a farm during farming season Tacking = two or more successive possessors can be added together to satisfy the time commitment (must be dependent to each other) Open and notorious = must not be in secret and must be common knowledge that somebody lives there Eminent Domain o The power of the government to take private property for public purposes from 5 th amendment o Exception: “inverse condemnation” = a court will determine whether there has been a depravity of owner’s reasonable use of land 60
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Restrictive Covenants o A deed may constrictions restrictions on use of property o Usually valid and can be entered by surrounding landowners Appearances of buildings and types of buildings Zoning o A law saying the permissible uses of land in designated areas o Usually constitutes previous uses of properties to avoid a taking o Owner can get a variance from zoning if: Zoning makes it impossible for the owner to receive a reasonable return on his investment in the land The negative effect of zoning is unique to his property Granting variance won't affect surrounding property Gifts, Bailments (Chap. 34) Gifts of Personal Property o When an owner of property (donor) voluntarily transfers ownership of the property to another (donee) without receiving consideration o Elements The donor must have present intent to transfer ownership The donor must deliver possession to donee Present Intent to transfer ownership o
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