MBE Ownership Flashcards
FSA
you own 100% of land forever (To a)
life estate
while alive you can do anything except commit waste (can even mortgage it)
Reversion
goes back to grantor after life estate
if life tenant owns property, they must pay
interest and taxes; not principal
remainder
interest after life estate
contingent remainder
something has to occur
vested remainder
automatically get it
vested remainder subject to open
a class; as long as one person is alive, class is subject to open
vested remainder subject to total divestment
something could eliminate it
“to C, if he has a kid, he gets nothing”
fee simple determinable
“so long as”
goes back to grantor when condition fails, automatically
fsscs
“but if”
need right of reentry, not automatic
RAP
Can property vest within 21 years
JT w/ right of surivorship
need four unities; language; transfers autimatucakky
what does conveyance do
makes it tenancy in common
remember the exception regarding ownership and coveyance with other joint tenants
tenancy in common
no right of survivorship
tenants by the enirety
joint tenancy, but with marriage; divorce severs tenancy by the entirety
personal debt has no effect unless joint mortgages
each tenant has right to entire property unless
ouster occurred
partition
chop land into 2; will occur unless not practical
if one co-tenant is paying mortgage or taxes,
may seek contribution, but if they have sole possession of property, only to the extend it exceeds market value of property
out of possession, co-tenants may share in rent, but not
demand rent from co-tenant living on land unless damaging prop
co-tenants may not seek contribution for repair but if
necessary and it was requested, then you can demand
cannot seek contribution for improvements unless
increases rents or profits
periodic tenancy
start date; goes for a period– 1 month notice for month to month; 6 month notice for year to year
