Flashcards in Possessory Interest Types Deck (8):
•All rights in the bundle of rights
Fee simple absolute
A grantor puts a condition or requirement in the Deed that limits the title
•The interest can be defeated or undone if the conditions are not met or if a designated event occurs
•creates a type of encumbrance on the title because it runs with the land, meaning that the restriction is not against the owner but is against the land.
•The best place to discover the type of interest or estate that the seller owns his son look at the deed and other items in the public records
Qualified fee or fee simple defeasible
The grantor retains the "right of reentry"which means that the grantor has the right to terminate the state, but this does not happen automatically. Generally, the grantor would need to prove in court that the state event occurred.
Fee simple subject to a conditional subsequent
The grantor retains the title to the estate until the specific condition occurs. For example, Bill will transfer title of the property to his grandson Will if Will marries before his 25th birthday.
Feesimple upon conditional Precedent
(or the subject executory)
•ancient type of freehold estate, not recognized in the United States.
•sovereign power owns the title to the land and can then grant that land to someone else.
•creates and said stroll ownership with the land remains in the family from generation to generation.
•The land often cannot be sold to someone outside the family.
Fee tail title
•this is a freehold estate that last only as long as the specified person holding the estate known as the life tenant, lives. A conventional or ordinary ____ ____:
•The life tenant of a conventional ___ ____is also the measuring life, the life on which the life estate is determined.
•can be sold, mortgaged, or at least by the life tenant (grantee)
•cannot be willed by the Grantee.
•A mortgage signed by a life tenant becomes invalid lien when the life estate ends.
•A lease signed by a life tenant is no longer valid when the life tenant dies.
•A life tenant may not commit acts of waste to the property, which means using the property in away that damages it or reduces its market value.
• is a present state.
•creates a future estate for a beneficiary to possess the estate after the measuring life dies.
The property reverts to the grantor or the grantor's heirs, when the life tenant dies.