Essay June 2019 Flashcards
How is a tenancy in common created in Virginia?
A tenancy in common is created when:
1. a deed conveys property to two or more persons
2. without an express right of survivorship.
In Virginia, even if a deed states that parties hold land as ‘joint tenants,’ it is presumed to create a tenancy in common unless a right of survivorship is expressly stated.
Does a tenancy in common include a right of survivorship?
No, a tenancy in common does not include a right of survivorship unless expressly stated. Each tenant has the right to transfer their interest independently.
Can a tenant in common freely transfer their interest in the property?
Yes, a tenant in common can freely transfer their interest in the property by sale, gift, or will.
What happens to a tenant in common’s interest when they die?
A tenant in common’s interest passes to their heirs or devisees under their will, not to the co-tenant.
What rights does the holder of a life estate have?
A life tenant has the exclusive right to possess, use, and benefit from the property during their lifetime but cannot transfer ownership beyond their own life interest.
Can a remainderman sell their interest in property before the life tenant dies?
Yes, a remainderman can sell their remainder interest, but the buyer takes subject to the life estate and cannot take possession until the life tenant dies.
What happens to a life estate when the life tenant dies?
The property automatically transfers to the remainderman, who then holds full ownership.
What is a fee simple determinable estate?
A fee simple determinable automatically terminates upon the occurrence of a specified condition and reverts to the grantor or their heirs.
What future interest is retained by the grantor of a fee simple determinable?
The grantor retains a possibility of reverter, which means the estate automatically reverts to them upon violation of the condition.
What happens if the condition in a fee simple determinable is violated?
The property automatically reverts to the grantor or their heirs without the need for court action.
What is the effect of a foreclosure on a property secured by a deed of trust?
A foreclosure extinguishes the borrower’s ownership interest in the property, and the property is sold to satisfy the unpaid debt.
Can a borrower sell their property before a foreclosure sale?
Yes, a borrower can sell the property before foreclosure, but the sale proceeds must be sufficient to pay off the outstanding debt for the buyer to obtain clear title.
