...This is a 2-hour exam; one essay and 20/25 questions CHECKLIST Do the questions first; then spend the rest of the time on the essay. Things grader looks for: Need a nice IRAC; issue spotting; I. Land Acquisition – TWO or more people fighting over property A. Adverse possession: To constitute adverse possession, there must be actual possession which is uninterrupted, open and notorious, hostile and exclusive, and under a claim of right made in good faith for the statutory period. Possession for a statutory period of time can ripen into title. 1. Elements: COAH a. Actual Possession: Actual means that the possession must be such that the community would reasonably regard the adverse possessor as the owner; the possessor must show an actual entry that gives exclusive possession of the land and does not have the owner’s permission to be there. The possessor’s subjective state of mind is irrelevant. b. Uninterrupted: Continuity of possession may be established although the land is used regularly for only a certain period each year. It is not necessary that the occupant should be actually upon the premises continually. If the land is occupied during the period of time during the year it is capable of use, there is sufficient continuity. Thus, summer occupancy only of a summer beach home does not destroy the continuity of possession required. c. Open and Notorious: The acts of the adverse possessor are...
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...Property Outline 1. Concept of Property a. Res = a thing or object, a piece of property b. 6 theories used to Justify the private property system i. The Economic Theory 1. Private rights arise in property based on external cost factors seeking to maximize societal efficiency ii. The Occupation Theory 2. Occupation or Possession of a thing justifies legal protection iii. The Labor Theory 3. Moral right to ownership or control over things produced from one’s labor iv. The Contract Theory 4. Private property is a result of contracts between individuals and the community v. The Natural Rights Theory 5. “natural law” dictates the recognition of private property vi. The Social Utility Theory 6. The law should promote the maximum fulfillment of human needs and aspirations, and private property is on of those needs c. The Bundle of Rights (D.U.P.E.D) vii. Property consists of the following rights in regards to a “res” or thing 7. Right to Dispose of property (alienate/transfer) 8. Right to Use how you want 9. Right to Possess how you want 10. Right to Exclude others from your property 11. Right to Damages from others who violate your bundle viii. The more of the above rights that one has in regards to a res, the greater the significance of...
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...Tutor: Course: Date: Deeds In modern times, transfer of property is at its peak. Certain documents are required to be executed in order to make the transfer of property operational. A deed is the document used in transactions involving the transfer of property. There are different types of deeds used in the transfer of property. This paper seeks to highlight the differences between the two most commonly used deeds in the transfer of property: the quitclaim deed and the warranty deed. THE QUITCLAIM DEED A quitclaim deed refers to a document of conveyance of real property that passes any claim, title or interest vested in the grantor of the deed without vouching the validity of such title, claim or interest. The quitclaim deed is therefore a release by the grantor or conveyor of the deed of any interests that the grantor may have in property as described in the document. The quitclaim deed releases the conveyor of the deed of any liability with respect to the ownership of the property in the deed. It therefore means that if a competing interest is later on discovered in respect of the property, the conveyor of the deed will not be liable to the grantee. This means that if it is later on discovered that the grantor did not actually own the property, the grantor will lose the property. Similarly, if it is discovered that the grantor only had partial interests in the property, the grantee will only receive the partial interest. This is because a quitclaim deed does not guarantee...
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...2. A surety bond is a contract in which the surety promises to the judgment creditor if the judgment debtor loses the appeal. The surety will pay the full amount plus interest that has accrued during the appeal. A surety must be a person or business that can demonstrate that it has sufficient assets to pay the amount assured. In contrast, a property bond is when the judgment debtor posts his/her owners’ equity in real property as a bond. The debtor executes a mortgage or deed of trust to the trustee to convey real property to the clerk as a stay bond. 4. When property is exempt from execution, the judgment creditor cannot seize and sell that property to satisfy the judgment. States put these rules in place as a matter of public policy. Leaving a debtor destitute would often result in the debtor becoming a ward of the state, and is not in the states interest. If final judgment is entered in a federal court, state property exemption laws are generally used to enforce judgment. When a final judgment is entered in one state and the debtor owns property in another state, the law of the state where the property is located will control the exemption issue. 5. A homestead exemption allows the judgment debtor to retain some or all owner’s equity in the family home or domicile. If a debtor’s equity in the homestead exceeds the applicable homestead exemption, the executing creditor can force the property sold, pay the debtor the homestead amount and apply the rest to the debt. In some...
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...1. C: An LLC, or a limited liability company, protects someone from liability by shielding their personal assets from company assets as long as they do not comingle personal and business accounts and meet other related legal requirements. This is the best structure for Alexander because he will be protected but does not have to appoint a board of directors or pay annual dues associated with a corporation. 2. D: When a contract is created, both sides must give consideration in order for the contract to be binding. Ms. Smith gave consideration in the form of the promise to pay the $200. However, her son did not make a promise or offer any consideration for the contract. Therefore, the contract cannot be enforced against Ms. Smith because she received no consideration of any sort, either in the form of a promise from her son or otherwise, for her promise. 3. A: When Joseph gave Caroline a life estate, Caroline received the right to enjoy the property for the remainder of her life. Caroline’s interest thus expired upon her death, meaning she cannot will an interest in the property to anyone. Upon Caroline’s death, the property would revert to the remainderman named in the life estate (if such a person existed) or to the person who originally owned the estate (i.e., the person with a fee simple absolute, or absolute and undivided ownership). In this case, Joseph had absolute ownership until he granted Caroline a life interest, so when Caroline died, the life interest ended and...
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...TIMES OF INDIA… DEC 5, 2014 Kin of Nizam soldiers get own homes in Hyderabad TNN | Dec 5, 2014, 01.15 AM IST READ MORE Nizam Soldiers|Nizam Army|Golconda Fort Kin of Nizam soldiers get own homes in Hyderabad Golconda Fort, Hyderabad. RELATED World Congress members to get a glimpse of Hyderabadi wondersNearly 400 BJP activists heldHyderabad bikers go on a Swachh drive to Anantagiri HillsStudents from war-torn countries flock to Hyderabad HYDERABAD: After a decade-long fight with the government, families of former soldiers in the erstwhile Nizam army are set to realize their dream, owning quarters in which they had been staying for decades. In fact, 120 occupants have received title deeds last week. The Hyderabad district administration had set the process of regularization (transfer of rights of government land) of Nizam's ex-servicemen quarters (nearly 700) located at five prime areas — Banjara Darwaja (Old stables, Golconda Fort), Band Lines (Fateh Maidan, Nampally), Mohammadi Lines (2nd Lancer, Shaikpet), Masab Lines (Asifnagar) and Saifabad Lines (AC Guards, Asifnagar) — in the city in 2008. Before the Hyderabad state was merged with the Indian Union, the then administration had allotted these quarters to soldiers in the Nizam army. The Hyderabad district administration had served notices to the occupants to submit the documentary evidence. Responding to the notices, 527 applications were received from 497 occupants. The authorities then verified the applications...
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...homeworkproviders.com/shop/ba-260-week-4-assignment-deeds/ BA 260 WEEK 4 ASSIGNMENT DEEDS BA 260 WEEK 4 ASSIGNMENT DEEDS, In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and there are no hidden tie-ins that Gemma should be aware of. This deed ensures Gemma that the property he or she is buying is actually owned by Wiley and Gemma won't be met with any surprises later on. Furthermore, if a third party were to try to claim the property down the line, the warranty deed would legally protect the Gemma and he or she would be entitled to compensation from the original seller. In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and there are no hidden tie-ins that Gemma should be aware of. This deed ensures Gemma that the property he or...
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...SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED is made this 18th day of January, 2011, from Joseph E. Little and Karen L. Little, formerly husband and wife (hereinafter called “Grantors”), to Joseph E. Little, unmarried (hereinafter called “Grantee”). WITNESSETH: THAT in consideration of One Dollar and Zero Cents ($1.00), paid to the Grantors by the Grantee, receipt of which is hereby acknowledged, Grantors hereby grant, transfer and convey unto the Grantee, his successors and/or assigns, the following: ALL that certain lot or parcel of ground situate in the Borough of Plum, County of Allegheny and Commonwealth of Pennsylvania, being Lot No. 219 in that certain Plan of Lots known as Holiday Park Plan No. 29, as the same recorded in the Recorder’s Office of Allegheny County, Pennsylvania, in Plan Book Volume 105, Page 157 to 165; and HAVING erected thereon a dwelling house known as 1445 Abers Creek Road, Pittsburgh, Pennsylvania 15239; and BEING designated as Block and Lot No. 1239-E-378; and UNDER AND SUBJECT TO any mineral rights, including, but not limited to, oil, coal and gas and the right to mine the same heretofore conveyed, transferred or granted by prior instruments of record; and UNDER AND SUBJECT TO reservations, restrictions, rights of ways, easements, exceptions, building liens, conditions and covenants as appearing in prior instruments of record; and SUBJECT TO Protective Covenants dated 11/17/1978 and recorded in DBV 6035, Page 903; and ...
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...Deborah Rodriguez January 13, 2014 Real Estate Law Assignment – Unit 1 RE: Adverse Possession California Code of Civil Procedure § 321. Possession, when presumed: Occupation deemed under legal title, unless adverse. In every action for the recovery of real property, or the possession thereof, the person establishing a legal title to the property is presumed to have been possessed thereof within the time required by law, and the occupation of the property by any other person is deemed to have been under and in subordination to the legal title, unless it appear that the property has been held and possessed adversely to such legal title, for five years before the commencement of the action. § 322. Occupation under written instrument or judgment, when deemed adverse. When it appears that the occupant, or those under whom he claims, entered into the possession of the property under claim of title, exclusive of other right, founding such claim upon a written instrument, as being a conveyance of the property in question, or upon the decree or judgment of a competent court, and that there has been a continued occupation and possession of the property included in such instrument, decree, or judgment, or of some part of the property, under such claim, for five years, the property so included is deemed to have been held adversely, except that when it consists of a tract divided into lots, the possession of one lot is not deemed a possession of any other lot of the same tract...
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...INTRODUCTION In case of transfer of land, pre-emption simply means right to purchase first. In other words, the act of buying a plot of land before of ahead of others. Section 96 of The State Acquisition and Tenancy Act, 1950 and section 24 of The Non-Agricultural Tenancy Act, 1949 have described the provisions for pre-emption. Section 96 of The State Acquisition and Tenancy Act, 1950 was substituted by section 2 of The State Acquisition and Tenancy (Amendment) Act, 2006. However, provisions of pre-emption under section 96 of The State Acquisition and Tenancy Act, 1950 and section 24 of The Non-Agricultural Tenancy Act, 1949 shall not take away the right of pre-emption conferred on any person by the Mohammadan Law as per section 96(17) of The State Acquisition and Tenancy Act, 1950 and section 24(10) of The Non-Agricultural Tenancy Act,1949. A clear conception of the terms “holding” and “co-sharer” is necessary for a better understanding of pre-emption. As per section 2(13) of The State Acquisition and Tenancy Act, “holding” means a parcel or parcels of land or an undivided share thereof and forming the subject of a separate tenancy. Assume “X” dies leaving three sons A,B,C and a land of same holding consisting of 6 plots. Each son will get his part as per the law of inheritance. Now three sons have sold a plot to some “D”. Now ABCD are co-sharer of the land of the same holding. While ABC have became co-sharer by inheritance, D has became co-sharer by purchasing. However, if...
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...memo To: Daphne Duquesne | | From: Sarah Smith CC: Patricia Derrick | | Date: July 25, 2014 | | Re: Accounting for Warranties Sold Separately | | | | Dear Ms. Duquesne, Thank you for reaching out to me about the accounting standards involved in the type of warranty that you hope to sell along with your newest line of products. First, I would like to provide a little background on accounting for warranties and then I will discuss the treatment of warranties, hopefully answering all of your questions. A warranty puts two obligations on the issuer; preparedness to perform and pay for agreed upon services (FASB 460-10-25-2). According to FASB 460-10-25-5 “because of the uncertainty surrounding claims that may be made under warranties, warranty obligations fall within the definition of a contingency.” This means that we accrue losses from warranty obligation that are considered “probable”. A. A lot of new literature has been published by FASB regarding the recognition of separately priced warranties. These new items will take effect between 2015 and 2018, just in time to launch our new product. I strongly suggest complying with the newest guidelines when projecting our sales figures for the new line of products. I encourage you to review FASB 606-10-55-30 through 606-10-55-35 for a full review of upcoming changes. B. This asks the question: when is a warranty considered separately priced? Do their need to be two receipts? Can their be a range of options...
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...BA 260 WEEK 4 ASSIGNMENT DEEDS A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-4-assignment-deeds Visit Our website: http://hwsoloutions.com/ Product Description BA 260 WEEK 4 ASSIGNMENT DEEDS, In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and there are no hidden tie-ins that Gemma should be aware of. This deed ensures Gemma that the property he or she is buying is actually owned by Wiley and Gemma won’t be met with any surprises later on. Furthermore, if a third party were to try to claim the property down the line, the warranty deed would legally protect the Gemma and he or she would be entitled to compensation from the original seller. In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and...
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...the property, leases out his/her property to tenants; an agreement must be signed between the lessor and lessee that details all the terms and conditions of the lease. Both parties’ names will be listed on the top of the sale agreement and each will be classified as the “Seller” and “Buyer”. These two terms are used for the rest of the agreement to make transparent each side’s responsibilities. The buildings, structures, improvements, and fixtures are important as property age over time and so in certain circumstances, parts of the property (ex: windows, doors, fences) will need to be replaced. Again, the seller and buyer will discuss which side will be footing the cost of these repairs. Leonard, in Exhibit 1, has budgeted repairs to be around 5%, or roughly $2,200. One of the most important parts of the sale agreement is the purchase price, agreed upon by both the buyer and seller. A security deposit is necessary to show that the buyer is committed to this transaction while the payment is due whenever the transaction of the deed takes place. Title deeds also play an important factor as they consist of documents that show official ownership of the property. The deeds contain information ranging from current mortgages to land-use restrictions, zoning ordinances to property history, and any other information regarding the property that is pertinent to the seller. Once again, the seller needs to make clear to the buyer on what deeds exist on the property. Deeds consist of a huge...
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...of Doenz v. Garber, the Doenz family fights the rules of adverse possession of the land acquired by the Garber family. Rules For this case, Wyoming Adverse Possession rule needs to be fully interpreted. Adverse possession is when a person wrongfully possesses someone else’s land if certain statutory requirements are made. If the elements of adverse possession are met, the adverse possessor acquires the title to the land. The possessor will be given a clear title as long as the statutory time period is met. In Wyoming all adverse possession rules must be met. Analysis Based on the evaluation of the facts, the Garber family has claimed this land by adverse possession. The Garber family acquired their 80 acres of land by warranty deed; this deed was recorded with the state. This land had been enclosed by a fence for more than 50 years. The Garber’s ownership of this property for more than 10 years establishes a statutorily prescribed period of time. The fence established an area that was used to graze cattle and produce hay. Therefore, the Garber family established actual and exclusive ownership of the property. The land was physically occupied and used by the Garber family. The use of this land was continuous and uninterrupted during the time before the Doenz family acquired the adjacent property. Although the Garber’s had not been paying taxes on the land they acquired, this does not void the claim on adversely possessed land. Therefore the Garber’s have acquired the title...
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...What Does Will Mean? A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children. It is also known as a "will and testament". Making a will is a very important component of estate planning. In it he declares who gets his belongings and assets when he dies. If he does not have a will, the distribution of his property is left up to the government, and may even end up becoming state property. A will helps ensure that his wishes are carried-out, and it can make things simpler and easier for the person heirs. If a person doesn't currently have a will, his loved ones may not receive the assets he wishes to leave them in the event of his death. Making a will is a necessary and usually fairly simple process that can save his family time, money and grief as well as give him peace of mind. What are various types of Will? Wills come in several varieties, including the following: • Self-Proving/Testamentary Will A self-proving will, also know as testamentary will, is the traditional type of will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses. • Holographic Will Holographic wills are written without the presence of witnesses. They rarely hold up in court. • Oral Will Oral wills are spoken testaments given before witnesses. They are not widely recognized from a legal perspective...
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