Prop Mod 1 + 2 Flashcards
Fee Simple - can pass how?
By:
- Will / intestate
- Gift
- Sale
Fee Simple - Created (words)
** Default Presumption **
Also - to his heirs, or O to A
NOT - by hopes, wishes or dreams
Fee Simple Determinable (words)
- Durational*
- So long as, while used as, during, Until no longer used
Fee Simple Subject to Condition Subsequent (words)
- Conditional Language*
- But if, then , provided, on the condition that
- -> Grantor must then Exercises a right to take possession
Possibility of Reverter - what happens
- Its an interest held by the GRANTOR following a Fee Simple Determinable
- -> Vests Automatically at the end of the Duration
Right of Entry / Power of Termination
- Its an interest held by the GRANTOR following a Fee Simple Subj. to Condition Subsequent
- -> NOT Automatic , MUST be Reclaimed
Fee Simple Subj. to Executory Interest
- Ends on the happening of an EVENT
- -> Goes to a 3rd Party / NOT The Grantor
(Anna has a Fee Simple and Ben has an executory interest)
Executory Interest
Cuts short the interest b/c something happened they didn’t want to happen
(used as a liquor store, etc)
Life Estate - Reversion
Goes back to the GRANTOR at death of life est. holder
Life Estate - Remainder
Goes on to a 3rd PARTY at the death of the life est. holder
Waste - 3 kinds
- Affirmative - purposefully caused
- Permissive - Neglect
- Ameliorative - Improvements
Vested Remainder
NEED BOTH (if not then = Contingent) - Grantee = Known / Alive \+ - NOT subj. to a Condition Precedent --> No conditions need to be satisfied prior to vesting
Contingent Remainder
Looks like Vested Remainder but fails one of the 2 elements
- Grantee = MUST fulfill a CONDITION to get it
- If Doesn’t Vest before becomes possessory - then goes BACK to GRANTOR
- Contingent remainder fails to vest
Vested Remainder Subj. to Open
Vested Remainder in a CLASS GIFT \+ Full Class = Unknown - 1 person must be Vested ~ if nobody then = Contingent - Closes when Class = Known
Rule Shelly’s Case
- life estates
Prevents reminder in Grantee’s heirs
- to Shelly for life then to her heirs
Shelly = Fee Simple Absol.
Heirs = Nothing
2 kinds Executory Interests
Executives are jerks bc they cut interests short for themselves
1) Springing = Divests the Grantor (usually 2 Parties)
- Springs off of the Grantor
- Ben to Anna after she is admitted to the Bar
- Ben - Springs off him to –> Anna when she is admitted
2) Shifting = Divests the Prior Grantee
(usually 3 Parties)
Oliver to Anna but if land used for commercial to Ben
Shifts from Anna to Ben
3 kinds of multiple owners of Land
Right to use / possess the whole (can contract out)
- Tenancy in Common
- Joint Tenancy
- Tenancy in the Entirety
Tenancy in Common
** Default**
Equal Rights
No Right of Survivorship
Joint Tenancy
4 Unities
Right of Survivorship
Must be clear intent and LANGAUGE
4 Unities Required: PITT
Possession - equal rights to possess the whole
Interest - Must be Equal Shares of same type
Time - Must receive at the same time
Title - Must receive on the same instrument of title
(if NOT all 4 then = something else ~ TinC)
Joint Tenancy - Severed
Any transfer severs it and becomes TinC
- Any lien terminates upon death so that not encumbered for survivors -
- Mortgage = Lien Theory - majority = Does NOT Destroy the JT
Tenancy by the Entirety
ONLY Married People
- right of survivorship
- Cannot alienate
w/o consent
Ouster
Co-tenant denies entry (puts locks on)
- must ask for entry , then get
Remedies: injunction or Damages
Rent , expenses, repairs, improvements
TinC
Rent, Expenses = divided in % of interest (can collect contribution)
Repairs, Improvement = no right to reimbursement (can get credit at partition)
Partition by Ct
Will divide unless physically impossible or unfair ~ forced sale
