Dividing Property Rights Over Time: Present Estates and Future Interests Flashcards
- What language will create the estate?
Classifying its language to its terms
Ask does the person has a present estate or a future interest.
The present estate has present possessory
example if you have a key and walk in the house
Future estate has a nonpossessory interest in real property
Waiting on a future interest to take place
example if you are waiting for someone to die and also to their heirs
- What are its distinguishing characteristics?
- Is there a future interest to accompany the estate?
awaitingnfor an event to happen for you to occupy the estate
Present Possessory Estates
What is fee simple absolute ?
unlimited
Defeasible estates?
cutting conveyances short by adding provision language
Fee Simple Subject to Condition Subsequent
If the language is conditional
example, if, only, only if
. Fee Simple Determinable
If the langauge is about duration
example, during until, as long as dealing with time and duration
FSD POR
Fee Simple Subject to Executory Interest limitation
If we have a 3rd party involved
Life Estate
Is the property conveyance for the life of someone or some other persons life
Fee Tail
body
free hold present estste
ownership of real property
fee simple is infinite forever death does not terminate it lasts forever
example convey green acre to may forever and her heirs
life estate limited by a persons life example: terminates when amy dies
fee tail any time you see body its a fee tail!!!
non freehold
is leasing of real property
terms of years
tenancy at will
Ask is the fee simple or life estate is absolute or defeasible
defeasible is a provision or condition is added to the conveyance then it is defeasible by Transferee
Absolute is no condition added to the conveyance Transfor has not added any language
Future estates
Who is the holder in the interests
Transferor is conveying property
or Transferee is receiving property
If Transfor has a fee simple, defeable subject to condition
Transfor hold s aright to entry
If transforer hasfee simple, determinable
Possibilty of reverter
Transforor has life estate
has a reversion and that means it comes back to the transferor by reclaiming it
Transferee future intrest
if 3rd party involved you ask what interest does the 3rd party has, whether it is present of future interest in the estate
Next is the person a transfor or transferee
Has either an executory intrest or remainder interest
Exceuotrory intrest is anything other than a remainder and has anytype of a gap
remainder is future interest created in a transforee and is capable of the natural termination of the estate
It has to be immediate become a possessory interest no gap and its not a remainder- even one minute. It should happen immediately NO GAP
two type of executory interest
Ask what interest of the 3rd party
shifting is when the 3rd party to the prior interest
springing is getting rid of the middle person
Future interest by Transferee limitations
If we have a remainder from a life estate ask if its contingent or vested
if it’s vested created by a living person and not subject to any conditions
If contingent if there is an heir or some other person has a contingent remainder besides the 3rd party
Heirs
A person heirs are contingent and
are not ascertainable
if person is alive their heirs are ascertainable and if they are not alive then they are not ascertainable
condiiton precednt
is an event must occur before the remainder become present estate
is a transferee, remainder, contingent preseident
condition subsequent
Future intrest, transferee , remainder
condiiton ,subsequent, he’s getting the property
if the transferree gets the property and doesn’t fulfill the condition
subject to termination and divestment of termination
subject to open
if any children getting intrest in the property and I shaving any other children it will be subject to open
