Real Estate Law

by Siedel, George; Aalberts, Robert J.

• ISBN13: 9780324204803
• ISBN10: 0324204809
• Edition: 6th
• Format: Hardcover
• Copyright: 2005-02-10
• Publisher: South-Western College/West

Summary

Understanding the past and present of real estate is the key to understanding its future. REAL ESTATE LAW is written in a clear and concise style that delivers the latest information on private and public law transactions, as well as e-commerce developments, so you'll be prepared for the next era in real estate law. Because of its unique approach, this real estate law textbook is especially practical an ideal for majors and non-majors alike.

Table of Contents

Preface	v
Summary of Contents	xiii
Part I The Legal System and the Nature of Real Property	1	(126)
Introduction to the Legal System	1	(24)
Sources of Law	3	(10)
Constitutions	4	(2)
Statutes	6	(1)
Administrative Law	7	(1)
Judicial Decisions	8	(4)
The Role of Ethics in the Law	12	(1)
The Court System	13	(2)
State Courts	13	(1)
Federal Courts	14	(1)
Legal Procedure	15	(4)
Commencement of Legal Action	16	(1)
The Defendant's Response	16	(1)
Discovery---The Deposition	16	(1)
Other Methods of Discovery	17	(1)
The Trial	17	(1)
Concluding Stages	18	(1)
Alternative Methods of Resolving Disputes	19	(2)
Settlements	19	(1)
The Administrative Process	19	(1)
Neutral Third Party	19	(2)
Key Terms	21	(1)
Problems	22	(3)
The Nature of Property	25	(29)
The Concept of Property	25	(2)
Real and Personal Property	27	(2)
Sources of Law	28	(1)
Form of Transfer	28	(1)
Taxation	28	(1)
Fixtures	29	(13)
Fixture Tests	30	(4)
Fixture Disputes	34	(8)
Cases	42	(8)
Key Terms	50	(1)
Problems	50	(4)
Scope of Real Property	54	(34)
Rights to the Sky	54	(6)
Traditional Approach	54	(1)
Air Travel	55	(2)
Cloud Seeding	57	(1)
Sale of Air Rights	58	(1)
Outer Space	59	(1)
Rights to the Depths	60	(3)
Alternative Energy Sources	63	(1)
Water Rights	63	(10)
Importance of Water Rights	63	(1)
Navigable Water	64	(1)
Ownership of Land Under Water	65	(1)
Use and Control of Water	66	(5)
Groundwater and Surface Water	71	(2)
Lateral Support	73	(1)
Common Law	73	(1)
Statutory Approach	74	(1)
Cases	74	(10)
Key Terms	84	(1)
Problems	84	(4)
Rights in Land of Others	88	(39)
Easements	88	(21)
Definitions and Classifications	88	(6)
Creation of Easements	94	(9)
Extent of the Easement	103	(3)
Termination of Easements	106	(3)
Profits	109	(1)
Licenses	110	(1)
Cases	111	(11)
Problems	122	(5)
Part II The Real Estate Transaction	127	(308)
Types of Ownership	128	(37)
Estates in Land	128	(9)
Fee Simple Absolute	129	(1)
Fee Simple Defeasible	130	(2)
Fee Tail	132	(1)
Conventional Life Estates	132	(5)
Concurrent Ownership	137	(9)
Joint Tenancy	137	(2)
Tenancy by the Entirety	139	(2)
Tenancy in Common	141	(1)
Rights of Concurrent Owners	142	(1)
Joint Ownership and Estate Planning	143	(2)
Community Property	145	(1)
Forms of Ownership for Investment Purposes	146	(7)
Partnerships	147	(1)
Limited Partnerships	148	(1)
Corporations	149	(1)
Limited Liability Companies (LLCs)	150	(1)
Real Estate Investment Trusts (REITs)	151	(1)
Federal Securities Regulation	151	(2)
Cases	153	(8)
Key Terms	161	(1)
Problems	161	(4)
The Search for Real Estate	165	(45)
The Real Estate Agent	166	(2)
Licensing Requirements	166	(1)
Penalties for Acting Without a License	167	(1)
Listing Agreements	168	(7)
Statute of Frauds	168	(1)
Types of Listing Agreements	168	(2)
Procuring Cause of Sale	170	(1)
Broker's Commission	171	(1)
Performance of the Listing Agreement	171	(2)
Cancellation of the Listing Agreement	173	(1)
Multi-Listing	173	(2)
Commercial Listing Services	175	(1)
The Duties of the Broker	175	(8)
Authority of the Broker	175	(2)
The Undisclosed Principal and the Secret Agent	177	(1)
The Broker's Fiduciary Duty	177	(3)
Buyer Brokering	180	(1)
The Broker's Duty of Disclosure to Buyers	181	(1)
The Broker's Unauthorized Practice of Law	182	(1)
The Internet and the Future of the Real Estate Broker	182	(1)
Interstate Land Sales Full Disclosure Act	183	(2)
Discrimination in Selling or Leasing Real Estate	185	(5)
Civil Rights Act of 1866	185	(1)
Fair Housing Legislation	185	(4)
State and Local Laws	189	(1)
Cases	190	(16)
Key Terms	206	(1)
Problems	206	(4)
The Real Estate Contract	210	(40)
Legal Requirements	211	(7)
Statute of Frauds	211	(2)
Negotiating the Written Contract	213	(1)
Required Terms in the Written Contract	214	(4)
Additional Contract Provisions	218	(13)
Marketable Title	219	(3)
Equitable Conversion	222	(1)
Other Contract Provisions	223	(4)
Warranties	227	(4)
Contractual Remedies	231	(1)
Specific Performance	231	(1)
Damages	231	(1)
Avoiding the Contract	232	(6)
Mistake	232	(1)
Minority and Other Forms of Incapacity	232	(1)
Duress	233	(1)
Undue Influence	233	(1)
Misrepresentation	234	(1)
Statutory Duties to Disclose Defects	235	(3)
Cases	238	(7)
Key Terms	245	(1)
Problems	245	(5)
Title and Insurance	250	(42)
Title	250	(12)
Recording Statutes	251	(5)
Proof of Title	256	(5)
The Future of Title Insurance Practices	261	(1)
Property and Liability Insurance	262	(6)
Property Coverage	262	(3)
Liability Coverage	265	(1)
Insurable Interest	266	(1)
Mortgage Insurance	266	(1)
Commercial Insurance	267	(1)
Cases	268	(20)
Key Terms	288	(1)
Problems	288	(4)
Financing the Real Estate Purchase	292	(51)
Definitions	293	(2)
Federal Regulation of Residential Lending	295	(5)
Fair Lending Laws	295	(3)
Disclosures of Loan Terms and Procedures	298	(2)
Loan Application and Commitment	300	(5)
Environmental Law	304	(1)
The Mortgage Documents	305	(6)
The Note	305	(4)
Security for the Note: The Mortgage	309	(2)
Rights and Duties After Closing	311	(3)
Possession	311	(1)
Rents and Profits	312	(1)
Repairs and Improvements	312	(1)
Taxes	313	(1)
Insurance	313	(1)
Mortgage Termination by Payment or Transfer	314	(6)
Mortgage Payment	314	(1)
Transfer by Mortgagor	314	(3)
Transfer by Mortgagee	317	(3)
Electronic Transfer of Mortgages	320	(1)
Mortgage Termination by Foreclosure	320	(4)
Deed in Lieu of Foreclosure	324	(1)
Effect of Bankruptcy on Foreclosure	324	(1)
Installment Contracts	324	(2)
Interest of Parties	325	(1)
Proof of Title	325	(1)
Remedies on Default	325	(1)
Statutory Liens	326	(4)
Mechanics' Liens	326	(3)
Other Statutory Liens	329	(1)
Cases	330	(8)
Key Terms	338	(1)
Problems	338	(5)
Closings and Taxation; Other Methods of Acquisition	343	(46)
Deeds	343	(12)
Types of Deeds	344	(1)
Formal Requirements	345	(7)
Delivery	352	(3)
The Closing Process	355	(6)
Flow of Money	355	(3)
The Mortgage Closing	358	(1)
Appraisals and Appraiser Liability	359	(1)
The Property Closing	359	(1)
Flow of Documents	360	(1)
Taxation of Real Estate	361	(2)
Taxation of Seller	361	(1)
Taxation of Buyer	362	(1)
Real Estate Reporting Requirements	362	(1)
Other Methods of Real Estate Acquisition	363	(9)
Death	363	(5)
Adverse Possession	368	(4)
Cases	372	(13)
Key Terms	385	(1)
Problems	385	(4)
Landlord and Tenant	389	(46)
Leasehold Estates and Licenses	390	(3)
Estate for Years	390	(1)
Periodic Tenancy	390	(2)
Tenancy at Will	392	(1)
Tenancy at Sufferance	392	(1)
Licenses	392	(1)
Landlord's Choice of Tenant	393	(4)
Initial Selection of Tenant	393	(2)
Retaliatory Eviction	395	(2)
Required Lease Provisions	397	(4)
Introduction: Residential vs. Commercial Leases	397	(1)
Writing Requirements	397	(1)
Names and Signatures	398	(1)
Description of Property	398	(1)
The Lease Term	399	(1)
Rent	399	(1)
Security Deposit	400	(1)
Suggested Lease Provisions	401	(9)
Condition of Premises	402	(2)
Tenant's Use of Property	404	(3)
Transfer of Leasehold Interests	407	(3)
Remedies	410	(4)
Tenant's Remedies	410	(2)
Landlord's Remedies	412	(2)
Landlord's Tort Liability	414	(6)
Hidden Dangers Known to Landlord	415	(1)
Injury Outside the Premises	415	(1)
Premises Leased for Public Admission	416	(1)
Landlord Reserves Control	416	(1)
Landlord's Repair of Premises	416	(1)
Liability for Tenant's Activities	417	(1)
Landlord's Liability for Criminal Acts	417	(1)
Modern Trend in Landlord Liability	418	(1)
Exculpatory Clauses	419	(1)
Cases	420	(9)
Key Terms	429	(1)
Problems	429	(6)
Part III Land Use and Regulation	435	(142)
Rights and Duties of Landowners and Occupants	436	(51)
Tort Law	436	(2)
Trespass to Land	438	(5)
Elements	438	(1)
Damages	439	(1)
Privileged Trespass	440	(3)
Nuisance	443	(7)
Nuisance Defined	444	(1)
Elements of Private Nuisance	445	(5)
Invasion of Privacy	450	(1)
Tort Right to Privacy	450	(1)
Constitutional Right to Privacy	451	(1)
Lost and Misplaced Property	451	(1)
Duties to Persons Outside the Real Estate	452	(2)
Injuries Caused by Conditions	453	(1)
Injuries Caused by Activities	453	(1)
Duties to Persons Entering the Land	454	(13)
Trespassers	455	(1)
Child Trespassers	456	(2)
Licensees	458	(3)
Invitees	461	(3)
Merging the Categories	464	(3)
Cases	467	(14)
Key Terms	481	(1)
Problems	481	(6)
Legal Planning and Regulation of Land Use	487	(60)
Private Control of Land Use	488	(8)
Common Law Tort Remedies	488	(1)
Voluntary Restrictions on Land Use	489	(7)
Governmental Ownership and Regulation of Land	496	(20)
Governmental Ownership of Real Estate	496	(9)
Zoning	505	(11)
Land Use Planning	516	(4)
State Land Use Planning	516	(2)
Federal Land Use Planning	518	(2)
Planned Unit Developments, Condominiums, Timesharing, and Cooperatives	520	(6)
Planned Unit Developments	520	(1)
Condominiums	521	(3)
Timesharing	524	(1)
Cooperatives	524	(2)
Cases	526	(14)
Key Terms	540	(1)
Problems	540	(7)
Environmental Law and Regulation	547	(30)
Environmental Legislation	547	(11)
National Environmental Policy Act	547	(1)
State Laws Modeled After NEPA	548	(1)
Environmental Protection Agency	549	(1)
Specific Federal Environmental Protection Legislation	549	(9)
State Environmental Protection Legislation	558	(1)
Judicial Review of Administrative Decisions	558	(4)
Standing	559	(1)
Ripeness	560	(1)
Exhaustion of Remedies	561	(1)
Reviewability	561	(1)
Cases	562	(9)
Key Terms	571	(1)
Problems	571	(6)
Appendices	577	(26)
Appendix A: Checklist for Use in Real Estate Transactions	579	(6)
Appendix B: Checklist for Use in Drafting Shopping Center Leases	585	(4)
Appendix C: Forms	589	(14)
Listing Agreement	589	(1)
Real Estate Sales Contract	590	(2)
Mortgage Note	592	(1)
Mortgage	593	(1)
Deeds	594	(1)
Closing Statement	595	(2)
Claim of Lien	597	(1)
Will of Henry Ford	598	(5)
Index	603