Flashcards in Defeasible Fees Deck (4)
What is a defeasible fee?
present possessory estates subject to conditions
What is a fee simple determinable and what are the common words?
Ends automatically upon the happening of a stated event and transfers possession back to the grantor or heirs. Has a possibility of reverter. Words indicating that the ownership is to last only for a certain time period. The conveyance either requires a certain condition to exist for the present estate to continue or requires the present estate to terminate upon the happening of a particular even.
a. COMMON WORDS: “as long as”, “so long as”, “during”, “while”, “unless”, “until”.
Fee Simple Subject to Condition Subsequent
Allows the grantor to reclaim the property upon occurrence of the condition but does not make a transfer of ownership automatic. Instead, the grantor must claim a right of entry or a power of termination.
a. COMMON WORDS: “but if”, “provided that”, “on condition that”.