Property II after midterm
Terms
undefined, object
copy deck
- Traditional Discuss
- —the courts look at the physical premises for problems.
- If the buyer knows of the encumbrance, courts will generally hold ?
- e.g., turn on the lights. If it is an encumbrance that society wants, courts will hold it not to be a breach. Generally, these encumbrances will be part of the exceptions to the deed.
- Discuss Zoning Restriction Violation
- —the seller must have actually knowledge of the violation at the time of transfer for this to be a breach of the deed.
- Discuss Not breaches
- —inchoate liens or lis pendens
- Discuss Damages
- —cost of removing encumbrance or difference in value of land because of the encumbrance (= FMV w/o encumbrance – FMV w/encumbrance), not to exceed consideration paid.
- Future Discuss
- —covenants that run with the land and are breached upon ejectment.
- Discuss Types Warranty Discuss
- GWD Discuss—the grantor warrants what is in the deed and will protect against any lawful claims brought against the title by any person.
- SWD Discuss
- —the grantor will defend against only lawful claims that arise by, through, and under the grantor.
- Quiet Enjoyment Discuss
- —the grantor warrants and will defend against anyone who presents superior title to the property and interferes with the grantee’s use and enjoyment of the property.
- Discuss disturbance of grantee
- Grantee must be disturbed - evicted or ejected. The disturbing party must make an act or claim.
- Discuss Further Assurances
- —the grantor will sign or do any document or do whatever is necessary to perfect/effectuate title.
- Discuss Doctrine of After-Acquired Title replaces title
- sort of replaces this covenant.
- Discuss examples of the Doctrine of After-Acquired Title
- —A to B. A does not have title, but later A gets title. Title automatically goes to B.)
- I. Discuss Title Insurance
- —protects against unknown claims and encumbrances covered by the policy. A buyer will hire a lawyer to search the title. The lawyer will make a list of any clouds and encumbrances that might affect the title.
- I. Discuss Title Assurance for the Title Search
- —Records of title are kept by the county register of deeds. A buyer brings the instruments to be recorded into the register of deeds’ office. The deed will be time stamped. A doc tax is paid. The register keeps the instruments to copy them. The original is mailed back to the cc person
- Title assurance: Discuss use of index and the return box
- . The register will place the grantor and grantee’s names in the grantor and grantee index.