Present Estates Flashcards
Present Estates
Fee Simple Absolute, Fee Tail, Defeasible Fees, Life Estate
Fee Simple Absolute
Absolute Ownership, freely divisible, descendable, alienable,
No accompanying future interest
Fee Tail
To A and the Heirs of his body (HAS BEEN ABOLISHED)
Passes directly to grantee’s lineal bloodline descendants, no matter what.
Future Interests (Grantor’s Right of Reversion/Third Party Remainder)
Defeasible Fees
Fee Simple Determinable, Fee Simple Subject to Condition Subsequent, Fee Simple Subject to Executory Limitation
Fee Simple Determinable
Must use clear durational language to create (examples, so long as, until)
Devisable, Descendable and Alienable subject to condition
Future Interest: Possibility of Reverter
Fee Simple Subject to Condition Subsequent
Must use clear durational language and carve out right to re-enter.
Estate does not automatically revert, but can be cut short by grantor if condition occurs.
Future Interest: Right of Re-Entry
Fee Simple Subject to Executory Interest
Similar to Fee Simple Determinable, although automatic termination is in favor of a third party
Future Interest: Executory Interest
Life Estate
Must be explicit in Lifetime Terms, never in terms of years
Life Tenant is entitled to all ordinary uses and profits from the land.
Future Interest: Grantor = reversion, Third Party = remainder
Life Tenant MUST NOT COMMIT WASTE, must not hurt future interest holders
Life Estate Pur Autre Vie
A lifetime transfer to someone for the life of someone else
