Estate in Land Flashcards
A transfer of interest in property (by sale or gift)
Grant/Tranfer/Conveyance
Transferor is also called a
Grantor
Transferee is also called a
Grantee
Transfer that happens while the grantor is alive
Inter Vivos
The grantor is called this if they are dead
Decedent
If the decedent has a will they have died _______
Testate
If the decedent has died without a will they have died _____
Intestate
If there is a valid will the grantor can be called a _____
Testator
Tranferees of decedent with a will are called
beneficiaries (not heirs)
Transferees of decedent with no will are called
heirs (if grantor not dead yet they are heirs apparent)
For real property we say the testator ____ the property to their _____
Devise/Devisee
For personal property we say the testator _____ the property to their ______
bequeathed/legatees
Does a beneficiary/heir have interest in a property if the testator/grantor is alive?
NO
Types of heirs
Issue: kids, grandkids etc
Ancestors: parents, grandparents, etc
Collateral: siblings, aunts, uncles, etc.
*there are no heirs until the person is actually dead.
Who is “O”?
Grantor
Who is “A”/”B” etc?
The other parties
What is blackacre?
This is how real property is usually referred to.
What happens if someone dies with no will and no heirs?
The property will escheat to the state.
Quantum
Nature of duration. Example - “Fee simple” or “Life Estate”
When does a life estate end?
A life estate ends at the end of a natural life.
“O to A” creates what type of estate?
Fee Simple Absolute
Define Nemo Dat
You can only convey what you have. So if O to A for life. If A gives to someone else then they only have it for the duration of A’s life.
Automatic limiting event
Property rights terminate automatically upon condition of the limiting event being met.
“Determinable”. Limiting language is “inside the estate” using the following words: Until, so long as, while, or during.
Example: O to A so long as A does not divorce.
Grantor must take action
Grantor has the ability to do it if condition met and must assert the right, it is NOT automatic.
“Subject to a condition subsequent”. Limiting language after the estate, using the following words: but if, provided that, on condition that, however.
Example: O to A, but if A divorces, then back to O.
Which limiting category is an adverse possession concern.
Adverse possession can happen when automatic limiting condition is satisfied because the person is no longer allowed to stay so the stay becomes “hostile”.
For a condition where the grantor must take action the stay does not become hostile until the grantor takes the action.
Automatic limiting event or “determinable” creates a
Possibility of Reverter
Remainderman must take action or “subject to an executory interest” creates a
Right of entry
What are the two types of executory interest?
Shifting and Springing
What is shifting executory interest?
Follows an estate held by a grantee.
Example: O to A, provided that if A ever serves alcohol on the property, then to B.
What is a springing executory interest?
Divests the grantor
Example: O to A when she turns 21.
A remainder can be ____________ or ______________.
Vested or contingent.
Vested Remainder
Has no condition precedent inside the language creating it, and is given to an ascertained person.
Contingent Remainder
Has another hurdle: either the language containing it has a condition precedent and/or is given to an unascertained person.
