100%(1)1 out of 1 people found this document helpful
This preview shows page 59 - 62 out of 63 pages.
convey’ to indicate interest to transfer ownershipMust contain adequate description of landDeed must be signed by grantor and grantor’s spouse The deed must be delivered to guaranteeMethods of Describing land oGovernment surveyLand can be described by reference to the US government surveyDivided into 24 mile unit squares and then divided into townships 6 mile squaresoMetes (measures of length) and bounds (boundaries of land)Explains exterior lines of land being soldMay use a monument to mark a corner of a tractoPlat 59
Most land in urban areas have been surveyed by developers and divided into blocks and lots on a platRecording oAn act of filing the deed with a public official and copies of deed into record booksoPurpose is to give notice to the world at large that the transfer has taken place (constructive notice)oAn 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 mannerException: unless previous unrecorded purchaser is in possession of land than no BFPAdverse PossessionoA party can acquire ownership of land by taking possession of it and staying in possession for a certain # of years (10 years in Texas)oCannot be lost BFPoRequirementsActual 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 ownerHostile possession = possession must be nonconsensualContinuous Possession = must be continuous; not every single day but must intend to returnEx: only occupy a farm during farming seasonTacking = two or more successive possessors can be added togetherto 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 thereEminent Domain oThe power of the government to take private property for public purposes from5thamendment oException: “inverse condemnation” = a court will determine whether there has been a depravity of owner’s reasonable use of land 60
Restrictive Covenants oA deed may constrictions restrictions on use of propertyoUsually valid and can be entered by surrounding landownersAppearances of buildings and types of buildingsZoning oA law saying the permissible uses of land in designated areas oUsually constitutes previous uses of properties to avoid a taking oOwner can get a variance from zoning if:Zoning makes it impossible for the owner to receive a reasonable return on his investment in the landThe negative effect of zoning is unique to his propertyGranting variance won't affect surrounding propertyGifts, Bailments (Chap. 34)Gifts of Personal PropertyoWhen an owner of property (donor) voluntarily transfers ownership of the property to another (donee) without receiving consideration oElementsThe donor must have present intent to transfer ownershipThe donor must deliver possession to donee Present Intent to transfer ownershipo