Estates Flashcards
Estates in land
Defines owner’s interest in real property.
It’s the degree, quantity, nature, and extent of an owners interest.
Freehold estate
Indeterminable period of time
Fee simple
Highest type of interest in real estate
Fee simple absolute
No limitations except public/private restrictions (like zoning laws)
Fee simple defeasible
- (determinable)
- (condition subsequent)
Limited (qualified);
Can be defeated
Subject to the occurrence of a specified event;
Breaks down into two categories:
1) fee simple determinable (fee simple on condition precedent) ‘so long as’, ‘during’, ‘while’; special limitation; possibility of/right of re-entry
2) fee simple on condition subsequent
- “on a condition that”; reverts if condition broken
Life estate
Limited to the duration of a lifetime
(Either owner or another person)
Not inheritable
Passes from person to person but the are not the owner
Pur autre vie
For the life of another
Often created for people who are handicapped for incentive for someone to care for them
Remainder interest
Future interest for the remainderman
The person whom the property will pass to when life estate ends
Reversionary interest
Returns to original owner (or heirs) when life estate ends
Dower
(Legal) Life estate interest of a wife in the real property of deceased husband
Curtesy
(Legal) life estate of a husband in the real property of his deceased wife
Homestead rights
Protect equity in residence from creditors (credit cards, someone who did work for you) if it is the family home
CT secured up to $75k - anything over that goes to creditors
Encumbrances
Claim, charge, or liability that attaches to real estate
Liens
Monetary charge
$$$$$
Charge against property that provides security for the debts or other obligations of the property owner
Deed restrictions
Private agreement that affects the use of land
Aberdeen Drive - no boats in driveway
Remainder interest
In a life estate, the person named who will have the property passed to him/her once the life estate ends
Reversionary interest
Creator of the life estate doesn’t want a remainderman, so it reverts back to original owner
Encumbrance
Claim, charge, liability that attaches to real estate
Two classifications of emcumbrances
Liens – $$
Or
Encumbrance - easements, restrictions, licenses and encroachments
Deed restriction
Private restrictions that ‘run with the land’
Placed in deed by previous owner
Examples of deed restrictions
Covenants, conditions & restrictions
Private agreement that can be in seller’s deed but can also be imposed by developer in subdivision
Easement
Right to use someone else’s land
Appurtenant easement
Appurtenant = attached
Adjacent land, two different owners
It’s attached to the needy. The needy dominates the other. The owner of the land being used is servient.
Easement in gross
Individual or company’s interest I. The right to use someone else’s land
i.e. Railroad, electric company
