Adverse Possession Elements
Finders? What Kind of Property Can Be Found?
And who gets to keep
What Kinds of Gifts Are There?
Elements of Intervivos gift
Elements of Gift Causa Mortis
What Kinds of Concurrent Ownership?
Elements of Joint Tenancy
Severance- JT
A JT is not absolute and permanent!! things can be done to turn it from a joint tenancy to a tenancy in common.
What is partition and what kinds are there?
partition- this is when tenants do not want to share the property anymore and they want to end the cotenant relationship- one person may want to sell, etc.
How can we prove that a landlord is discriminating (which is a violation of the fair housing act?)
What kind of Non-Freehold Estates are there?
What duty does a tenant have to a landlord. and what is a defense to getting out of that duty?
not paying rent.
but there is a defense to this: Constructive eviction: this a kind of defense that a tenant would assert wrongful conduct by the landlord that substantially affected the living arrangements.
constructive eviction- what counts as wrogful conduct?
this can be an act or an omission.
implied covenant of quite enjoyment
PROMISE THAT THE LL MAKES TO THE TENANT TO NOT WRON GFULLY INTERFERE WITH THE TENANTS POSSESSION.
- This means no physical eviction
Implied warranty of habitability
+ elements
the tenant has to live up to their duties and provide tenants with bare living requirements and keep them away from defective housing conditions.
Implied warranty of habitability- remedies
Tenant can
What ways can we end a tenancy?
Sales
We have three elements of the sale
we will focus on the purchase contract
purchase contract
4 things we should know here
FINANCING - first big thing
Mortgage- this is the security of a lender when they give out big money to a borrower.
three components to a morgage.
1. note- borrowers promise to repay the debt
2. the mortgage- the security device that provides security to the note.
3. foreclosure sale- this is a forced sale that will happen if the borrower defaults on the loan. this is how the lender will try and get his money back.
Theories of Mortgage
title theory- this is when the lender can take possession of the land right away after that first missed payment.
lien theory- this is when the lender has to wait until foreclosure to have the right to possess.
Two kinds of mortgage
FINANCING- Second big thing
foreclosure!!! this is the forced sale of the property.
junior interests- WIPES OUT!! TOO BAD SO SAD!
senior interests- DO NOT WIPE OUT (except in the circumstance that the lender did not record)
So, if we have a foreclosure, the profits first got to the initial lender, and then in order of seniority to the junior lenders.
what happens when the foreclosure does not make the lenders whole- DEFICIENCY JUDGMENT!!! this is when they would sue the lender until they are whole.
what should a borrower know in re a foreclosure?
there are two defenses/ things that could potentially save them: