Estates & Future Interest - Future Interest held by the Transferor Flashcards
What is a reversion?
When owner conveys a vested estate smaller than the estate he owns he retains a future interest called a reversion.
What is alienation?
The process of a property owner voluntarily giving or selling the title or their property to another property.
or
Simply an act whereby one man transfers the property and possession of lands to another.
What is a future interest?
A nonpossessory interest that will, or may, become a possessory estate in the future.
Ex: O conveys land “to A for life” O retains a future interest to retake possession when O dies.
What or who is the transferor and transferee?
Transferor - party who relinquishes title
Transferee - party who is receiving title or custody
What is possibility of reverter?
When a transferor creates a fee simple determinable, the future interest retained is a possibility of reverter.
O conveys land “to A for as long as used as park” O retains possibility of reverter.
What are the five types of future interest?
What can they be created in?
Can only be created in transferor
- Reversion
- Possibility of reverter
- Right of entry
Can only be created in transferee:
- Remainder
- Executory Interest
