Flashcards in Estates In Land Deck (40):
What are the four ways property can be transferred (alienated)?
3. Devise (by will)
4. Intestate succession
How are the two ownership interest divided in time?
1. Present interest
2. Future interest
What are the magic words to create a fee simple absolute?
1. And heir
2. And his or her heirs
What is the default estate?
Fee simple absolute
What is a defeasible fee?
A fee that can end
What are three things the defeasible fees can do?
1. Maybe terminated by the occurrence of an event
2. Capable of lasting forever but also of being terminated early
3.condition will cut short the fee simple
What language creates a fee simple determinable?
1. So Long as
How long does the fee simple determinable last?
The fee simple last while the period is in play, but as soon as the period ends, the fee simple ends.
What language is used to create a fee simple subject to conditions subsequent?
1. But if
2. Provided that
3. On the condition
What future interest held by the grantor follows the FSD?
Possibility of reverter
1. Interest vest automatically after the durational ends.
What future interest held by the grantor follows a FSCS?
Right of entry
1. Does not this automatically; it must be reclaimed.
2. Also known as the power of termination.
What is a fee simple subject to executory interest?
A fee that will end upon the happening of an event and the future interest vest this in a third party.
• someone other than the grantor
What is an executory interest?
A future interest that will cut short, or terminate, an earlier interest.
What is a word for terminating a prior interest?
What are the magic words to create a life estate?
When does a life estate terminate?
Is naturally when the measuring life dies
Is there a such thing as a contingent life estate?
Yes – it is a life estate that is based on a condition.
What future interest follows a life estate?
1. If possession of the land goes back to the grantor then the grantor retained a reversion.
2.if possession of the land goes through a third-party after the life estate ends, then a third-party takes a remainder.
What are the three types of waste?
1. Affirmative waste
2. Permissive waste
3. Ameliorate waste
What is affirmative waste?
Waste caused by voluntary conduct which causes a decrease in value.
What is permissive waste?
Waste caused by neglect towards the property, which causes a decrease in value.
What is ameliorative waste?
Special situations where the life tenant or other person in possession changes the use of the property and you actually increases the value of the property.
What are three situations where the doctrine of waste applies?
1. Landlord vs tenant
2. Co-tenant out of possession vs Tenant in possession (concurrent estates)
3. Mortgagee vs Mortgagor
What present possessory estate does a remainder follow?
What are the two types of remainders?
What is a vested remainder?
An interest that is:
1. Given to an ascertained Grantee; and
2. Not subject to a condition precedent.
What happens if a vested remainder dies?
The interest passes to the holders heirs
What is a contingent remainder?
1. Subject to a condition precedent or
2. Given to an unascertained grantee
What happens if the contingent remainder does not vest before it becomes possessory?
The grantor has a reversion.
When is a class gift – vested remainder subject to open?
Vested subject to open is:
1. Vested remainder in a class gift; and
2. Full class membership is unknown.
What amount of individuals in a class must be vested for it to be the vested subject to open?
At least one person in the class must be vested
When does the class close?
When all members of the class identified
Why is it subject to open?
Because we do not know who else will vest and make it into the class
What is the rule of convenience?
A class closing mechanism to avoid application of rap to a class gift.
What is the doctrine of worthier title?
Prevents against remainders is the grantors heirs.
Creates presumption in a reversion to the Grantor.
What is the rule is Shelly's case?
Prevents against remainders in grantee heirs.
Uses doctrine of merger to create a fee simple.
What is a executory interest?
Future interest in a third-party that cut short (divest) a prior vested interest.
What are the two types of executory interest?
Springing executory interest
Shifting executory interest
Who does the springing executory interest divest?