Freehold and leasehold terminologies in California Flashcards
Act of waste
Abuse of property by a person who holds possession through a life estate
Fee simple
An inheritable Estate
Fee simple absolute
Provides the most complete form of ownership and bundle of rights in real property.
Qualified fee
An inheritable freehold estate that is defeasible, the grantor can terminate the title. For example, a parent could transfer property to a child as long as the child remained unmarried.
To meet qualifications .
Life Estates
And Estate Ownership, possession, and control for someone’s lifetime
Own for life
Freehold estates
Ownership for an undetermined length of time, an example is home ownership.
“Hold estate”
Fee simple absolute= complete ownership
Fee simple defeasible = rights of ownership are conditional, special, limitation, subject to condition, subsequent
Conventional life estate= created by agreement of the parties, ordinary, pur autre vie.
Legal life estate= created by operation of law, Dower, curtesy , homestead
Leasehold estates
And Estate for a limited time, renting leasing.
Estate for years
An estate for a specified time. Example days months years.
Years= time
Periodic Estate
Estate that renews itself automatically at the end of each lease period.
Estate from period to period.
Estate at will a.k.a. tenancy at will
An Estate for an unknown period of time, either party may terminate the lease by giving notice to the other.
Known as
chattel interest
You have the will to terminate lease
Courtesy
A husband’s interest in real estate, owned by his deceased wife, a form of legal life estate.
This is for the widower, Husband to take his deceased wife Estate.
Escheat
The power of the state to claim property when the owner dies without a will, and without errors or creditors
Think the State cheats to remember
Homestead estate
A type of estate that gives the owner special rights, protections in property used as a family home, not valid in all states
Family= home
Remainderman
A person receiving title upon the death of the life tenant
Remainder interests
The remainder runs right to Fee simple title upon the death of the life tenant
Reversionary interest
Right of repossession of property by the owner after the end of the life estate
A life estate, and which property title reverts to the owner upon the death of the life tenant
Think reverse/ do over for owner
Fee simple defeasible
With a fee, simple defeasible, Estate, the property holder, owns the property with all legal rights, but subject to a condition. If the condition is breached, property may go back to the original owner.
Not able- void- undone
Fee simple determinable
A type of fee simple defeasible, this, and automatically when the stated event or condition occurs. The original owner retains a possibility of reversion property is retained “while”, “during”, or “so long as” the condition occurs, this is the language most often seen in the deed.
Determined
Fee simple on condition subsequent
A type of fee simple defeasible, and also known as a fee on the condition, this is created when an estate is given on the condition that the owner does or doesn’t take a specific action. The grantor has the right of reentry if the condition is violated. But Estate doesn’t automatically revert to the original owner, it may require legal action on the part of the original owner.
Dower
The form of legal life estate and refers to a wife’s interest in real estate, owned by her deceased husband. Dower isn’t recognized in all states.
Dour is not for the widower, it’s for the window.
What is the estate type? You purchased a colonial home eight years ago using a traditional 30 year fixed. Conventional loan.
Freehold estate
Leasehold estate
Freehold estate
What estate type is this? You signed a two-year agreement to rent an office space in a local commercial building.
Freehold estate
Leasehold estate
Lease hold
