9: Non-Concurrent Estates Flashcards
Present Estate Right
an interest in property which carries with it a right to exclusive possession of said property
Future Interest
an interest in land which. (1) may become possessory, but which is not now possessory, and (2) is a segment of ownership measures in terms of duration
What are the future interests for grantors?
Reversions, possibilities of reverter, rights of re-entry
What are the future interests for people other than grantors?
Remainders and executory interest
What is the most common form of estate?
Fee simple absolute
What is a fee simple absolute?
- Doesn’t share it with the holder of another freehold estate
- Ownership in terms of time is undivided
- No other person currently owns any segment of property’s time
What is the granting language for a fee simple absolute?
“To A”
“To A & his heirs”
What is the future interest of a fee simple absolute?
Grantor: None
3rd Party: None
What is a fee simple determinable?
Created when a conveyance creates a fee simple but also contains a limitation providing that the fee shall expire upon the occurrence of a stated event
When does a fee simple determinable end?
Ends automatically upon the occurrence of the event & the immediate right to possession reverts back to the grantor
Where is the limitation in the language for a fee simple determinable?
limitation comes before the punctuation
What is the granting language for a fee simple determinable?
Words of duration: “as long as” “while” “during” “until”
What is the future interest for a fee simple determinable?
Grantor: Possibility of reverter
3rd Party: None
What is a fee simple subject to a condition subsequent?
Created when, after creating a fee simple, a limitation provides that a conveyor or his successor in interest shall have the power to terminate the fee simple upon the occurrence of the state event
When does a fee simple subject to a condition subsequent end?
Terminates at the grantor’s election, not automatically
Where is the limitation in the language for a fee simple subject to a condition subsequent?
Limitation comes after the punctuation
What is the granting language for a fee simple subject to a condition subsequent?
Words of condition: “on condition that” “but if” “however?
What is the future interest for a fee simple subject to a condition subsequent?
Grantor: Right of re-entry
3rd Party: None
What is a fee simple subject to an executory limitation?
Created when a conveyance provides that, upon the termination of the determinable fee, the property is to pass automatically to 3rd party
What is the granting language for a fee simple subject to an executory limitation?
Combo language of duration & condition: “until…then to” “but if…then to”
What is the future interest for a fee simple subject to an executory limitation?
Grantor: None
3rd Party: Executory Interest
What a life estate?
Created when a grantor transfers to another party an estate that terminates at the death of the transferee, generally not inheritable
What is the granting language of a life estate?
“To A for life”
What is the future interest for a lif estate?
Grantor: Reversion
3rd Party: Remainder
What is a life estate pur autre vie?
life esate for the life of another
What is the granting language for a life estate pur autre vie?
“To A for the life of B”
What is a defeasible life estate?
a life estate that can be terminated in ways other than death
What is reversion?
A future interest held by the grantor who grants a life estate or estate for years but doesn’t convey the remaining future interest to a third party`
