Estates in Land Flashcards
Fee Simple
A freehold estate and the highest form of an estate, conveyable to another by the possessor, that passes to his heirs, and is reachable by creditors to pay debts. There can be no undue restraint on alienation.
Determinable Estate
An estate that will automatically end and revert to the grantor if some specified event occurs.
Estates Subject to Condition Subsequent
An estate where the grantor has the power to end the estate if some specified event happens.
Vested Remainder
A remainder that is given to an ascertained person and is not subject to a condition precedent.
Contingent Remainder
A remainder that is either given to an unascertained person or made contingent upon some event occurring other than the natural termination of the preceding estate(s).
Executory Interest
A future interest held by a third person that either (a) cuts off another’s interest or (b) begins at the natural termination of the preceding estate(s).
