Chapter 4 Flashcards
Condition Precedent
Where a condition needs to happen prior to the transfer of property.
Condition Subsequent
A condition where if something happens or doesn’t happen title will not transfer.
Dower
The 1/3rd interest a wife may have in the property of her husband acquired prior to July 1, 1977; a life estate in 1/3 of the land the husband owns during the continuance of the marriage relationship and an absolute interest in 1/3 personal property.
After 1977 Elective Rights became effective
Curtesy
The right that a husband may have in his wife’s estate at her death.
After 1977 Elective Rights became effective.
Estate
The degree, quantity, nature, and extent of interest a person has in real property.
Fee Simple
An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses.
Freehold
An estate in real property for an indefinite and uncertain time, such as a fee simple or a life estate.
Grantor
The seller; the person who conveys an interest in realty by deed.
Grantee
The purchaser; the person to whom ah interest in realty is conveyed.
Homestead
A right given to a householder or head of a family to designate real estate as his homestead and said homestead is exempt, up to a stated amount, from execution by his creditors; a tract of land whose ownership has been established under the provisions of the Homestead Act.
Less than freehold
A lease; a leasehold estate.
Life Estate
An estate or interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or reversioner.
Remainder Estate
An estate created by a single grant simultaneously with another which beats with a third party after termination of the prior estate; such as a life estate.
Remainderman
The one in whom an estate vests after termination of a prior estate.
Reversion
The residue of an estate left to the grantor of his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property.
