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Property by Mind Map: Property
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Property

Classification of Present and Future Estates

Present Possessory Interest

Future Interest

5 Future Interest (3 Initially Created in Grantor + 2 Created In Third Person)

Construction Rules

Restraints on Alienation Fee: Generally Invalid Less than a Fee: generally valid if reasonable; Rule Against Perpetuities Executory Interest Contingent Remainder Vested Remainder Subject to Open Purchase Option Right of 1st Refusal 21 years after everyone that is currently alive, is dead;

Concurrent Estates

Land Use

Affirmative Entry

Dictate Use

Support Rights

Lateral Support: right to have land supported in its natural state by adjoining land. Subjacent Support: conveyance of mineral rights; grantor retains right to surface support.

Water Rights

Riparian View (Majority) - Anyone that touches the water may make reasonable use Prior Acceptance/Use View (Minority) - 1st in Time, 1st in Right

Competing Claimants

Adverse Possession

Equitable Conversion

Equitable Title (Passes to Buyer) - Majority Legal Title (Remains with the Seller) Uniform Vendor and Purchaser Risk of Loss Act, the purchaser is deemed the true owner of the land (and thus bears the risk of loss) only as of the date of the closing or the date the purchaser goes into possession of the land, whichever comes first.

Marketable Title

Implied to every land k; Marketable Title = reasonably free from defects at the time of closing. defects may include [1] mortgage [2] covenant/easement [3] title acquired by AP until AP quiets title [4] zoning

Conveyance by Deed

Recording Acts & Titles

Protects Subsequent Purchasers  

Land Security Devices

Landlord/Tenant

Step 1: Determine Types of Tenancies

Step 2: Determine Type of Dispute

Step 3: Determine if Interest Transfered and Its Effects