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Doctrine of Equitable Conversion,The Doctrine of Equitable Conversion states that the buyer has equitable title and the seller has legal title after the sale of a contract.
Uniform Statutory Rule Against Perpetuities,"states that a non-vested property interest is invalid if either the interest fails to vest within 21 years of a life in being, or if vesting or termination does not occur within 365 years."
Joint Tenancy,"A joint tenancy is a tenancy where each party will have a right of survivorship. A joint tenancy is characterized through the following four unities: 1) time, or whether each interest was granted at the same time; 2) title, or whether each interest was transferred by the same instrument; 3) interest, or whether each interest in the property is equal and 4) possession, which states that each tenant has the right to possess the whole property. Individuals who have a joint tenancy are subject to the following rights and duties: 1) each has the right to possess the entirety of the property; 2) each has the rights to rents and profits made on the property; and 3) if one tenant makes repairs, he can seek contribution if the repairs are necessary."
Assignment (property),An assignment is created when a tenant transfers all of his rights to the tenancy to a third party.
"In an assignment, the new tenant is liable to the landlord for","rent if there either privity of contract, or when there is in an evidence of an agreement between the landlord and the new tenant, or if there is privity of estate, which exists only between the present landlord and the tenant"
Sublease,"A sublease is created when a tenant transfers some, but not all, of his rights to a third party"
"In a subleasing rent dispute, the landlord",can only recover rent from anyone with whom he is in privity with. A sublessee is not in privity with the landlord
Eminent Domain,Eminent domain is a public taking of private property; it requires just compensation paid to the property-owner.
Implied Warranty of Habitabality,"The implied warranty of habitability states that the landlord will deliver and maintain premises that are safe, clean, and fit for human habitation"
"In a breach of the implied warranty of habitability, a tenant must","show a patent or latent defect in an essential residential facility and give notice to the landlord about the defect, and give the landlord reasonable time to cure the defect"
"If the tenant is successful in a breach of implied warranty of habitability claim,","he is excused from further performance under the lease, which means he can vacate the premises and stop paying rent, and he can sue for money damages "
Fixture,A fixture is a chattel that has become so connected to real property that an unbiased 3rd party would deem that chattel to be part of the property
Trade Fixture,A trade fixture is chattel affixed by a tenant to his rented property to advance his business or trade during his tenancy
Easement Implied by necessity,An easement implied by necessity is an easement where the is a showing of strict necessity and prior common ownership of the benefited and servant estates
Notice (for race-notice),"1) Actual notice, 2) Constructive Notice (i.e. tracts), 3) Inquiry Notice (what he should have inquired about)"
Patent v Latent Defects,A patent defect is known to the tenant at the time he came into the lease. A landlord is under no obligation to fix a patent defect. A latent defect is that which is unknown to the tenant but the landlord knew or should have reasonably known about. A landlord has a duty to warn the tenant about latent defects.
Easement in Gross,"An easement in gross attaches to a right, not adjoining party."
Periodic Tenancy,"A periodic tenancy is a tenancy with a specific start date, but no specific end date. A periodic tenant will continue in cycles of time based upon the tenant’s rent payment schedule; for example, if a tenant pays rent every month, the periodic tenancy will continue from month-to-month. Proper notice for a termination of a periodic tenancy is the length of the tenancy, with a maximum of six months. If no proper notice is given and the tenant decides to vacate the premises, the landlord is entitled to seek the rent he is entitled to."
Tenancy at Will (TaW),"A TaW occurs when there is no set duration for the tenancy; the tenant and the landlord make an agreement that the tenant may live on the property indefinitely. A TaW may be based on service; the tenant may live on the property as long as he or she provides services for the building. A TaW may be destroyed by 1) death/incapacity of the landlord, 2) notice by either the tenant or the landlord, or 3) any attempt to transfer the interest by tenant or landlord."
Tenancy for a Term of Years,A tenancy for a term of years is a tenancy with a definite start and end date.
Rule in Dumpor’s Case,The Rule in Dumpor’s Case states that a landlord who fails to object to a first assignment cannot thereafter object to subsequent assignments.
Life Estate,"If a grantee receives a life estate, he does not have a fee estate, and thus must 1) pay all mortgage interest on the property, 2) make any necessary repairs, 3) pay all taxes, 4) pay all special assessments, and 5) cannot commit waste on the property. A life tenant can commit ameliorative waste if 1) the remainder man’s property value is not decreased by the waste or 2) a change in the neighborhood has caused the property to not realize its full value."
Waste,There are three types of waste: 1) voluntary - waste that occurs when a tenant engages in some action injuries to the property; 2) permissive - waste that occurs when the tenant refrains from certain conduct and the property is injured by the lack of that conduct; and 3) ameliorative - waste that occurs when the tenant changes the property to increase its value.
Foreclosure,"Nevada is a lien theory state, which means that a mortgagor holds legal title to the property until foreclosure, and the mortgagee merely hold a lien. This is different from a title theory jurisdiction, where the mortgagee holds title to the property."
Doctrine of Destructability of Contingent Remainders,"A contingent remainder is destroyed if 1) it fails to vest by the natural termination of the prior estate, 2) the doctrine of merger, or 3) if the holder of the present possessory estate surrenders her interest before the contingent remainder vests."