Blaw 3310 chp 8

allows tenant to sue landlord to recover

"three times the portion of the deposit wrongfully withheld" plus other fees

Covenants

"run with the land" legally binding promises for which the grantor becomes liable

Lessor/Lessee

(1)LANDLORD (2) TENANT

Quitclaim Deed

A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.

Deed

A document that transfers ownership of property from one party to another.

Easement

A limited right to make use of a property owned by another.

Adverse Possession(easement by prescription)

A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time.

security deposit

A sum of money usually equal to one month's rent, held by the landlord to cover any damage to the apartment caused by a tenant. return deadline: 30 days

dad dies and leaves each child (A,B,C, and D) a 25% interest in land. A has 2 kids, B has 1 kid C has 4 kids and D has 5 kids. What % does each grandchild own if all grandkids inherit equally with siblings? .

A-12.5% B-25% C-6.25% D-5%

Life Estate

An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.

Leasehold Estate

An interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease.

Tenancy in Common

Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

Eminent domain

Power of a government to take private property for public use.

Grantor/Grantee

The grantor gives, sells, or transfers the property to the grantee. The grantee receives the property.

Special Warranty Deed

The grantor warrants against defects that have occurred after the grantor acquired title. (No warrantee forever-only for the time the grantor owns the property)

Leasehold

The interest that the tenant has created by a lease.

Fee Simple Absolute

The maximum possible estate or right of ownership of real property

What is mineral estate, mineral acres?

a complete mineral interest underground Ex. oil, gas, minerals

lease

a contract granting use or occupation of property during a specified time for a specified payment

Warranty Deed

a deed that guarantees a clear title to the buyer of real property.

Joint Tenancy with Right of Survivorship

a type of joint ownership in which the surviving owner receives full ownership of the assets in the account when the joint owner dies

What is joint and several liability and how does it apply in residential lease situation?

it's confirming that you're individually and collectively liable for the entire rent. Ex. In the event that your roommate(s) fail(s) to pay, you can be held responsible for his/her portion of the rent.

Liens

legal claim on someones property as a security for a debt

servitudes

limitations or requirements about the use of property

Statute of Limitations

number of years the adverse possession must occur before it becomes a legally protected possession (10 years)

Licenses

permission to enter or use land or property owned by another in a manner that would otherwise constitute a trespass.

What is nuisance?

private-unreasonably interferes with the use and enjoyment of someone's land ex. drug dealer neighbor public-unreasonable interference with a right held in common by the general public ex. pollution

Real Property vs. Personal Property

real property is defined as the land, everything attached to the land, and everything appurtenant to the land. Personal property is defined as everything that is not real property

title

receipt of a valid deed, is the means by which the owner of property has legal possession of the property

What is a signing bonus?

royalty % as interest in value of future production.

Profits

sell someone the right to remove valuable things from ones estate Ex. oil, minerals, trees

Commercial leases

subleasing, repair responsibilities, early termination, signage, common area costs

police power

the authority of each State to act to protect and promote the public health, safety, morals, and general welfare of its people

Right of offset

the legal authority of a lender that has extended a loan to one of its customers to seize any checking or savings deposits the customer may hold with the lender in order to recover the lender's funds