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
