LAW OF REAL PROPERTY

1
LAW OF REAL PROPERTY

• NATURE OF REAL PROPERTY
• INTERESTS/RIGHTS IN
• THE LAND, ITS ELEMENTS, AND ATTACHMENTS TO THE
  LAND

2
SALE/PURCHASE OF REAL ESTATE

• BROKERS AND LISTING AGREEMENTS
• PURCHASE AGREEMENTS AND EARNEST MONEY DEPOSITS
• TITLE DEFECTS AND EXAMINATION
• FINANCING MORTGAGES AND CONTRACTS FOR DEED
• CLOSING AND RECORDING

3
ADVERSE POSSESSION

• TAKING POSSESSION OF ANOTHERS PROPERTY
• IN AN OPEN AND NOTORIOUS WAY
• EXCLUSIVE OF THE OWNER
• UNDER CLAIM OF RIGHT OR COLOR OF TITLE (HOSTILE)
  
• AND HOLDING IT FOR THE STATUTORY PERIOD OF TIME

4
DEEDS

• REQUIREMENTS OF A DEED
• TYPES OF DEEDS
• WARRANTY DEED
• GRANT DEED SPECIAL WARRANTY DEED
• QUIT CLAIM DEED

5
RECORDING SYSTEM PRIORITIES

• NOTICE RULE --
• PERSON ACQUIRING INTEREST IN PROPERTY HAS
  PRIORITY OVER FIRST IN TIME PARTY IF SUBSEQUENT
  PERSON HAD NO NOTICE OF THE FIRST PARTYS
  INTEREST IN THE PROPERTY EVEN IF SECOND PARTY
  DOES NOT RECORD FIRST

6
RECORDING SYSTEM PRIORITIES

• NOTICE/RACE RULE --
• PERSON ACQUIRING INTEREST IN PROPERTY HAS
  PRIORITY OVER FIRST IN TIME PARTY IF SUBSEQUENT
  PERSON HAD NO NOTICE OF THE FIRST PARTYS
  INTEREST IN THE PROPERTY AND SECOND PARTY
  RECORDS FIRST

7
RECORDING SYSTEM PRIORITIES

• RACE RULE
• WHOEVER RECORDS FIRST HAS PRIORITY EVEN IF
  SECOND PARTY HAS NOTICE OF THE FIRST PARTYS
  INTEREST AT THE TIME SECOND PARTY ACQUIRED ITS
  INTEREST IN THE PROPERTY

8
CO-TENANCIES

• JOINT OWNERSHIP OF PROPERTY REAL OR PERSONAL
  PROPERTY
• TWO COMMON FORMS
• TENANCY IN COMMON
• JOINT TENANCY WITH RIGHT OF SURVIVORSHIP

9
CO-TENANT RIGHTS

• CO-TENANTS - TENANTS IN COMMON AND JOINT TENANTS
  HAVE
• UNDIVIDED INTEREST IN PROPERTY
• EQUAL RIGHT TO POSSESSION/USE
• RIGHT TO TRANSFER THEIR PERCENTAGE INTEREST IN
  PROPERTY
• RIGHT TO SEEK A PARTITION

10
TENANTS IN COMMON

• MAY HAVE UNEQUAL INTERESTS IN PROPERTY (E.G.,
  60/40)
• A TENANTS INTEREST PASSES TO HEIRS AT DEATH
• A TRANSFER OF A TENANTS INTEREST HAS NO EFFECT
  ON THE TENANCY

11
JOINT TENANTS

• INTERSTS MUST BE EQUAL
• SURVIVORSHIP FEATURE INTEREST OF A DECEASED
  JOINT TENANT PASSES TO OTHER JOINT TENANTS UPON
  DEATH
• TRANSFER SEVERS THE JOINT TENANCY BECOMES
  TENANCY IN COMMON IN WHOLE OR IN PART