Doctrine of Tenants and Estates Flashcards
What is a Fee simple?
Closest thing to ownership, subject only to radical title of Crown
What is a Fee tail?
Ownership that is passed down through specified heirs. Land couldn’t be sold and is the old form of ownership
What is a Life Estate?
AKA ‘life tenant.’ Fee simple that is temporary but treated as ownership
–> Person can possess, alienate or sell property but ONLY for period in which they have ownership
–> ‘Estate Pur Autre Vie’
–> If you are the OG grantor and want to grant someone a life estate, you are a ‘Inter Vivos Grant’
What happens after the person w the Life Estate passes away?
- Ownership refers back to OG owner or heirs if OG owner ALSO passes away
- If A (person w a life estate) sells house to another person and A passes away, owner of property diverts back to OG owner
What is a Reversionary Interest?
Form of property right, not of possession but interest
Future interest itself can still be used for own benefit e.g. using as security for mortgage b/c no doubt that full property rights will be coming back to you
If you have a ‘Reversionary Interest’ = consiered as a ‘Reversioner’
What are 2 conditions in which someone may retain an RI?
- Life estate to ‘A’ for life –> Revert back to OG if A pass away
- ‘To A for life then to B’ –> Fee simple reverts to B instead if A passes away –> B is the ‘remainderman’
What are the 2 types of RI?
Vested RI
Contingent RI
What is a Contingent RI?
Remainder will only vest if certain conditions are met. ‘Possible future interest’ E.g. Ownership goes to B when B turns 21
What is Doctrine of Waste?
- Protecting Future Interests on land = property rights are ‘in rem’
- Situations where Remedies may be necessary = damage to land either intentionally or negligently + Life estate holder MUST return property in OG condition
Remedies = injunctions to prevent life estate holder from doing sth + damages for equivalent loss to estate
