Barney Fletcher Cram Notes Booklet
Deed - answerthe instrument used to transfer real property
Title - answerOwnership and the owner's rights
Real Estate - answerLand + improvements (appertenances)
Physical Characteristics of Land - answer1. Immovable
2. Indestructable
3. Non-Homogenous (uniqu...
Deed - answer✔the instrument used to transfer real property
Title - answer✔Ownership and the owner's rights
Real Estate - answer✔Land + improvements (appertenances)
Physical Characteristics of Land - answer✔1. Immovable
2. Indestructable
3. Non-Homogenous (unique)
Economic Characteristics of Land - answer✔1) Situs 2) Improvements
3) Fixed Investment 4) Scarcity
Personal Property - answer✔anything that is not real property; Chattel
Severance - answer✔Remove from the land
Make real property into personal property
Fixture - answer✔Tests MIAA
1. Method of attachement
2. Intention of attaching party
3. Adaptation to the article
4. Agreement (seller's disclosure statement best to use altho not law)
Trade Fixtures - answer✔Personal property used in a business and can be removed by the lessee
when the lease terminates.
Emblements - answer✔Crops/
Fructus Industriales: Real Property (tree, shrub)
Fructus Naturalus: Personal Property, not part of land
Severalty - answer✔Personal, sole ownership; can be corprate
Concurrent Ownership - answer✔Ownership by two or more persons at the same time
4 Types of Concurrent Ownership - answer✔1. Tenancy In Common
2. Joint Tenancy
3. Tenancy by Entireties
4. Community Property
Test for Tenancy (TTiP) - answer✔T: Time parties take possession
T: Title (who is on the deed)
I: Interest (equal or unequal)
P: Possession:
Tenancy in Common - answer✔T: Parties DO NOT take possession at same time
T: Separate Deeds
I: May be unequal
P: Undivided Interest
Inheritable
Joint Tenancy - answer✔T: All parties DO take possession at the same time
T: All on one Deed
I: Equal Interest
P: Undivided Interest
Right of Survivorship (Not Inheritable)
No Probate Court
Tenancy by the Entirety - answer✔form of joint tenancy ownership for husband and wife
Not in GA
Community Property - answer✔property obtained during the course of the marriage
2 Types of Freehold Estates - answer✔1. Fee Estates
2. Life Estates (Defeasable with Condition)
2 Types of Fee Estates - answer✔1. Fee Simple (absolute, best form of ownership)
2. Conditional (Defeasible) Property deeded with conditions, voluntary or Legal (Statutory)
Reversionary - answer✔Deeded to the grantee for their life
Upon their death, ownership reverts back to grantor
Remainder - answer✔Deeded by the grantor to grantee. When grantee dies, goes to someone
else.
Reservation - answer✔Grantor reserves possession of all or part of the land for the rest of their
life while deeding title to grantee.
Pour Autre vie - answer✔Grantee's life estate is based on someone else's life.
Legal Life Estate - answer✔1. Dower (wife receives) NOT in GA
2. Curtesy (husband receives) NOT in GA
3. Homestead (owned and occupied by family and protected against judgement liens
Deed - answer✔Document used to transfer title
4 types of deeds - answer✔general warranty: most promises
special warranty: limited
bargain and sale: Seizing (implied owner, Court appt sale)
quitclaim: no promises; quiet title suit
Deed Requirements - answer✔Grantor (18, sound mind/body), Grantee (can be a minor),
Consideration, Legal Description, Granting Clause and Execeptions, Signature of the Grantor,
Delivery and Acceptance
Transfer Tax - answer✔State or local tax payable when title passes from one owner to another.
TT = Sales Price/100 x .10
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