Estates Flashcards
Fee simple (absolute)
Most common way land is held.
no words of limitation
AI&D
Fee tail
Entailed
grant that can only pass to lineal descendants (no aunts, cousins).
creates reversion to grantor.
any lien only binds the current holder.
WOL- heirs of the grantee’s body, grantee’s issue.
most JDs will consider it a fee simple.
Alienable
Can be sold, transferred, liened.
Devisable
Can be granted in a will.
Defeasance
Capable of being annulled or voided.
Inheritable
Can be inherited.
Reversion
property goes back to the grantor if the terms fail.
* other than right of reentry (condition subsequent) or possibility of reverter (determinable estate).
Life estate
grant for the life of someone.
when granted based on life of other than the grantee: pur autie vie.
WOL: for life, as long as he shall live.
Not inheritable or devisable.
Determinable estate
grant that ends automatically upon a stated event.
Title reverts to grantor or TP.
can be fee simple or life estate.
WOL: as long as, until, during, only while.
Must be clear or will be considered a fee simple.
creates a possibility of reverter.
AI&D, but will still revert if condition met.
Condition subsequent
grantor retains the right of reentry if condition occurs. Not automatic.
WOL: on condition that, but if; then, provided that. Must be clear.
AI&D.
Fee simple subject to executive limitation
A defeasable estate that passes to a TP not the grantor.
either condition subsequent or determinable.
AI&D.
Remainder
Future interest in a TP upon the natural termination of the proceeding estate which is possessory immediately.
can be subject to divestment or partial divestment (open): unasertained people can be added to the group.
Executory interest
When a remainder fails or there is not an immediate possession.
when the grant cuts the proceeding interest short.
springing: divests the grantor
shifting: divests another grantee.
Contingent remainder
remainder subject to condition precedent or given to an unasertained person.
Vested remainder
Remainder given to ascertained person and not subject to any condition.
