What is a fee simple?
Heritable estate; closest to absolute ownership.
How is a fee simple conveyed?
S52(4) LCLRA: By deed + words of limitation.
Words of purchase vs limitation?
Purchase = identifies grantee Limitation = defines estate
Effect of missing words of limitation pre-2009?
Only life estate passes.
Determinable fee vs condition subsequent?
Determinable → automatic end (“until”, “while”) Condition → requires action (“on condition that”)
What happens on determinable event?
Automatic reverter to grantor.
What is free alienability?
Fee simple must be freely transferable - s9 (4) LCLRA
What is a life estate?
Estate lasting for life; equitable only post-2009.
What is waste?
Damage reducing value of land.
Liability for waste?
s18 (4) LCLRA - Still applies after conversion of a life estate into an equitable interest
Where are trusts governed?
Part IV LCLRA 2009.
What is the doctrine of notice?
BFP for value without notice takes free of equitable interests.
What is construtive notice?
What purchaser ought reasonably to know. S86 LCLRA: A purchaser is not affected prejudicially by notice of any fact, instrument, matter or thing unless it’s within/ought reasonably w/inquiries their [legal adviser/agent’s] knowledge.
Joint tenancy vs tenancy in common?
JT → survivorship and unsliced pizza TIC → distinct shares - sliced pizza
How is a Joint Tenancy identified?
The the four unities?Possession, interest, title, time
What is severance?
JT → TIC
How is a Joint Tenancy created in law?
The common law rule is that where property is conveyed to 2+ there is a presumption that they are to hold as joint tenants. This presumption can be rebutted by the absence of 1 of the 4 unities or words of severance in the deed
How does severance take place in law?
S30 and 31 of LCLRA: Any attempt at unilateral severance is void, unless (a) prior written consent; or (b) consent dispensed with under Section 31 of the 2009 Act. S31: court ordered severance. Anyone w/estate/ interest may apply incl trustees/judgment creditors.
Can JT be severed unilaterally?
No - s31 LCLRA - (without consent or court order)
How does severance take place in equity?
• Mutual agreement • Course of dealing • Contract for sale by one JT w/a third party • Contract by all JTs
How can co-ownership be determined?
What is adverse possession?
Squatter acquires title after limitation period.
Time limit for adverse possession?
S13 SoL12 years. 30 years for state; 60 years for foreshore; 6 years where the interest is the estate of the deceased (extended by 3 years viz shares of someone under a disability; standard 12 years applies to personal representatives).
Requirements for adverse possession?
Factual possession + intention to possess.