Estates in Land Flashcards
Fee simple absolute
A fee simple absolute is the largest estate that can be held. It is freely devisable, descendible, and alienable
Defeasible Fees
A defeasible fee is a fee simple estate that terminates upon the happening of a stated event.
A fee simple determinable
A fee simple determinable terminates upon the happening of the stated event and automatically reverts back to the grantor.
A fee simple subject to condition subsequent
A fee simple subject to condition subsequent is an estate where the grantor reserves the right to re-enter and terminate the estate upon the happening of the stated event. This right to terminate is called “right of entry” and must be expressly reserved.
Fee simple subject to executory limitation
A fee simple subject to executory limitation automatically terminates upon the happening of the stated event and is granted to a third-party who is the owner of an executory interest. Springing or shifting
Fee Tail
A fee tail limits the succession of estate to the lineal heirs of the grantor. The fee tail has been abolished in most jurisdictions and has been replaced by the fee simple absolute.
Life Estate
A life estate is one that is measured by the life of a specific person.
Life tenant duties
A life tenant is entitled to the normal use and profit of the property but has a duty to maintain the value for future interest holders by not engaging in any form of waste.
Affirmative waste
Affirmative waste is when the tenant purposely does something that reduces the value of the property. The life tenant must continue the normal use of the land and not exploit natural resources unless that consumption is considered normal use. Harvesting crops is allowed
Permissive Waste
Permissive waste occurs when the tenant allows the property to fall into disrepair because of lack of substantial upkeep to the property. The life tenant has a duty to maintain/repair, but no duty to replace/upgrade. This include paying taxes and mortgage interest.
Ameliorative Waste
Ameliorative waste occurs when the tenant does something that improves the property value, but without the consent of the future interest holders. However, the life tenant can make changes if the property is relatively worthless because of the changed condition.
Possibility of Reverter
A possibility of reverter is granted concurrent with a fee simple determinable and must be explicitly reserved by the grantor. The estate automatically reverts back to the grantor upon the stated condition.
Right of entry
A right of entry is granted concurrent with a fee simple subject to condition subsequent and gives the grantor permission to re-enter and terminate the estate upon the stated condition. However, the estate does not automatically revert and the grantor must re-enter the land or re-take possession.
reversion
A reversion exists with a life estate where the grantor leaves himself some interest in the land.
Remainder
A remainder is a future interest granted to a third-party that follows naturally and immediately at the expiration of all previous estates. A remainder waits its term and cannot cut short an estate and must be explicitly granted at conveyance.
