Estates in Land Flashcards
Fee Simple/Define
Fee simple is an absolute infinite interest in land.
Fee Simple/Typical Language
Typical language of a fee simple is “to B” or “to B and [ ] heirs.”
Fee Simple/Remainder
A remainder can never follow a fee simple.
Fee Simple/Restraint on Alienation
Restraint on alienation is an express restriction of the transferability of property. Total/Direct Restraints on alienation of a fee simple are void. However, a partial reasonable restraint for a limited time and for a reasonable person may be upheld.
Fee Simple Determinable/Define
Fee Simple Determinable is an infinite interest in land that automatically reverts back to the grantor and his heirs on the happening or non-happening of an event.
Fee Simple Determinable/Typical Language
Typical language of a fee simple determinable is “so long as,” “until,” “during,” or “while.” - [DUWS]
Life Estate/Define
Life estate is an interest in land that is measured by the life of the grantee or someone else.
Life Estate/Transfer Interest
A life tenant can transfer the life estate to anyone. However, if the new life tenant abuses the property, the holder of the future interest may sue to stop the waste.
Life Estate/Natural Resources
Generally, a life tenant can only maintain the property. He cannot sell off any of its natural resources, unless there is preexisting use.
Life Estate/Improvements
Generally, a life tenant cannot tear down improvements to make property more profitable, unless changed conditions have made the destruction of the improvement reasonably necessary.
Life Estate/Taxes
A life tenant is responsible for paying taxes on the property.
Remainder/Define
A remainder is an interest in land that automatically becomes possessory on the natural expiration of the preceding estate
Vested Remainder/Must (2)
A vested remainder must ascertained a person and have no condition.
Vested Remainder/Subject to Open
A vested remainder subject to open is subject to diminution by other persons, typically a class, who are also entitled to interest in the property
Class Gifts
A class is a group of persons having a common characteristic. Under the rule of convenience, whenever any member of the class is entitled to a distribution, the class closes and the distribution is made. Any later arrivals to the class loses out entirely.
