Chapter 8 - Freehold Estates Flashcards
Freehold Estate is
An interest in land which permits possession without interference from others.
A ‘freehold estate’ means ownership of real property.
**Regardless of the loan
What are two types of freehold estates?
Fee Estates
Life Estates
Which type of freehold estate has more rights than the other?
Fee Estates have more rights then Life Estates.
Fee Estates - can be willed or given through inheritance.
Life Estates are non-inheritable and can only be deeded.
Fee =
inheritable
Two types of fee estates
1) Fee Simple
2) Conditional of Defeasible Fee
- fee simple determinable
What is fee simple?
What’s another name for it?
AKA Fee Simple Absolute
Highest form of ownership (maximum rights) - continues forever
What is conditional or defeasible fee?
What’s another name for it?
You own property, but with certain conditions
‘so long as’ ‘until’ etc.
AKA Fee Simple Determinable
What is Conventional Life Estate
An estate that is DEEDED to someone for the course of their life or another’s.
Non-inheritable.
2 types of life estates.
What are the 2 different types of Life Estates
Voluntary and Legal
List the 3 Voluntary Life Estate types
Freehold Estate > (Conventional) Life Estate > Voluntary Life Estate
1) Estate in Reversion
2) Estate in Remainder
3) Reservation
Estate in Reversion
a Voluntary life estate
Reverts back to the grantor after temporary ownership.
Grantor gives the grantee a life estate but retains future rights:
-For the life of the grantee or . . .
-For someone else’s life (pur autre vie - for the life of another)
Estate in Remainder
a Voluntary life estate
Reverts to 3rd party.
Grantor gives grantee a life estate. When it ends it does not go back to Grantor.
Goes to 3rd party (REMAINDERMAN)
Remainderman owns property in ‘fee simple’
What kind of estate will the remainderman own?
What was the type of estate before when it passed to the remainderman?
Fee Simple
Estate in Remainder
Reservation
a Voluntary Life Estate
Grantor (owner) transfers ownership but retains possession for the grantor’s own life
Legal Life Estates are created by:
Laws
What are the three legal life estates
1) Homestead
2) Curtesy
3) Dower
What is a homestead life estate
property occupied as family home - family is protected from being evicted by general creditors for personal debts
What is a curtesy life estate?
Interest in property given to the surviving husband that was owned by wife at TIME OF DEATH
What is a dower life estate?
Interest in property given to the surviving wife that was owned by husband at TIME OF DEATH
How many spouses sign to buy and sell?
1 to buy
2 to sell
Pur Autre Vie
For the life of another
Life Estates . . .
Can be sold
Can be leased
Can be mortgaged
Cannot be willed or wasted (destroyed or used for illegal activity)
Rights in a life estate are transferred to another while the life estate is in force - receiver only gets rights of owner
