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
Freehold estate terms. Most complete form of ownership and bundle of rights in real property.
Fee simple absolute
Life estate
Fee on condition
Fee simple
Fee simple absolute, the most commonly that you will see for real estate terms.
What is a freehold estate term for an inheritable freehold estate?
Life estate
Fee simple, absolute
Fee on condition
Fee simple
Fee simple
What is a freehold estate term for property that is possessed for someone’s lifetime
Life estate
Fee simple, absolute
Fee on condition
Fee simple
Life estate
What is a freehold estate term for example Tom Junior can own the property transferred by his parents, but if he develops the land, his ownership will end.
Life estate
Fee simple, absolute
Fee on condition
Fee simple
Fee on condition
What is the life estate term for this example Mr. Smith passed away without a will. Attempt to locate errors or creditors have come up empty and the state has claimed his property.
Homestead
Remainder interest
Escheat
Escheat
What is the life estate term for this example Bob is married and owns the family home. Upon Bob’s death. The property may receive certain protections depending on the state.
Homestead
Remainder interest
Escheat
Homestead
What is the life estate term for this example Papa, convey 20 acres of land to Teddy Junior for life. Upon Teddy Junior’s death, the land will be conveyed to the local elementary school.
Homestead
Remainder interest
Escheat
Remainder interest
Upon Cooper’s death, Karine will take full ownership of the farm.
Dower
Curtesy
Dower
Dour is the term for property held by the wife or the widow
Upon Karine’s death, Cooper will take full ownership of the farm.
Dower
Curtesy
Curtesy
Courtesy is the term for property held by the husband or widower
Absolute
Is this a fee simple or
Life estate?
Fee simple
Complete ownership equals absolute
Pur autre vie
Is this a feesimple or
Life estate?
Life estate
Dower
Is this a fee simple or
Life estate?
Life estate
Defeasible
Is this a fee simple
Or
Life estate?
Fee simple
Rights of ownership or conditional
Special limitations property automatically reverts to original owner
Subject to conditions subsequent. Original owner has write every entry through court action.
Chattel interest
Estate at will or a tenancy at will. A tenancy for unknown period of time either party can terminate the lease by giving notice to the other party in California. This is known as chattel interest.
Chattel real
Estate for years. And estate for a specified period of time example a one year lease or a six month lease in California. This is known as chattel real.
Estate at sufferance
Also known as tenancy at sufferance. Or hold over tenancy occurs when tenant occupies a property after the lease ends, but before they are evicted.
This tenancy at sufferance can occur in both residential and commercial properties.
Suffer and stays
What is the leasehold estate term example if you sign a lease for a period of 12 months.
Chattel interest
Estate at sufferance
Periodic Estate
Chattel real
Chattel real
What is the leasehold estate term for?
You sign a lease for a period of 12 months, at the end of which the lease is renewed
Chattel interest
Estate at sufferance
Periodic Estate
Chattel real
Periodic Estate
What is the leasehold estate term for when you sign a lease for an unspecified period of time, with the stipulation either party, may terminate the lease by giving notice to the other.
Chattel interest
Estate at sufferance
Periodic Estate
Chattel real
Chattel interest
What is the leasehold estate term if your lease has terminated, but you refused to leave the property?
Chattel interest
Estate at sufferance
Periodic Estate
Chattle real
Estate at sufferance
Freehold
Ownership and provides home ownership for an undetermined length of time.
Think: Time is not free, you can’t hold it because it’s not free in time.
Leasehold
Tenancy and provides an interest in real estate for a limited time.
Think like leasing a car. You do not hold the title it’s for a limited time.
Feesimple
Or fee simple absolute. An inheritable freehold estate a form of ownership, not tenancy, so the owner of a fee, simple estate can will the property and or successor can inherit the property.
Fee simple
“Fee simple absolute”. An inheritable freehold estate. Form of ownership, not tenancy, so the owner of a fee, simple estate, Kenwill, the property, and or successor can inherit the property.
The most complete form of ownership, and includes the bundle of rights.
Fee simple defeasible
Or Qualified fee. Defeasible means that the grantor a.k.a. seller has placed a limitation on the deed. This permits recovery of fee, simple ownership, if certain conditions aren’t met.
Not feasible if conditions not met
Fee simple determinable
The title remains with the new owner as long as the conditions of ownership are being met. If the buyer commits, a specific, prohibited act, title to the property may automatically be returned to the owner or the owner successor.
Fee on condition
Or fee simple, subject to condition subsequent. like a defeasible freehold estate. “ but if” words in the deed. The ownership may revert to the owner or the owner successor. Such termination and recovery of ownership must be achieved through court order.
Life tenant
Responsible for reasonable property, maintenance, Repair, etc.
Pur autrie vie
Life estate, created by property owner, who grants an estate to someone for the duration of another individuals life
Poor me, it’s not mine forever
Estate for years
An estate for a specific period of time, one year lease six month lease in California.
This is known as
chattel real.
Curtesy
A form of legal life estate and refers to a husband’s interest in the real estate owned by his deceased wife
Recognized in all states. Husband inherits wife’s estate.
life estate
Another form of freehold estate ( u r not free to hold). Does not convey the entire bundle of rights, because the owners hold the estate for only their lifetime, or sometimes for another named individuals lifetime. A life estate property can’t be encumbered with a lien or foreclosed upon the owner must pay taxes, property, insurance, and any mortgage payment to prevent this from occurring.
You hold only for your life time
What are the types of life estates?
Conventional life estate
Estate in reversion - given for a temporary term and reverts
Remainderman
Vested, remainderman, a.k.a. contingent remaindermen
Leasehold estate
A tenants right to occupy a property is known as leasehold estate
Estate for years a.k.a. “chattel real”:
definite duration, that terminates automatically, and is inheritable, meaning that if either party dies, the lease is automatically terminated.
Tenancy at will a.k.a. estate at will, a.k.a. chattel interest : terminated at the will of death of either party.
Tenancy at sufferance: occupying property, after lawful authority, has expired
Business types that own real estate
Sole proprietorship
Partnership ( general, or limited partnership)
Corporation
Limited liability company and limited liability partnership ( LLC & LLP’s)
Syndicates and joint ventures
