Ownership Flashcards
Fee Simple Absolute
It is absolute ownership of potentially infinite duration. It is freely alienable without restriction. It has no accompanying future interest.
Defeasible Fees
Is ownership of potentially infinite duration. But, it may be terminated by the occurrence of an event.
Fee simple determinable
Is a present fee simple estate that is limited by specific durational language. It terminates automatically upon the happening of the stated event.
Possibility of reverter
Future interest in grantor of fee simple determinable. The estate automatically reverts to the grantor or her successors.
Same rules apply to executory interests of fee simple determinables.
Fee simple subject to a condition subsequent
A present fee simple that is limited in duration by specific conditional language. The grantor has the right to terminate this estate by affirmatively demonstrating the intent to terminate.
Right of entry
The grantor must explicitly retain the right to terminate the fee simple subject to a condition subsequent.
The failure to assert it does not constitute a waiver.
Fee simple subject to an executory interest
A present fee simple estate that is limited by specific conditional language and automatically passes to a third party upon the event.
Life Estate
A present possessory estate that is limited in duration by a life.
Remainder
The future interest of a life estate.
Reversion
If there is no subsequent interest conveyed in a life estate, the ownership reverts to the grantor on the death of the measuring life.
Permissive waste
Permits the premises to deteriorate through neglect or a failure to preserve or protect the property.
Voluntary waste
Occurs when the condition of the property is substantially changed due to affirmative action.
Ameliorative waste
Substantial change in the property that does not diminsh the value.
Vested remainder
An interest that is not subject to any conditions precedent and is created in an ascertainable grantee.
Vested remainder subject to open
A remainder interest transferred as a group rather than individually and at least one member of the group is individually ascertainable and entitled to the remainder interest, but that person’s interest may be subject to being shared with other members of the group.
Contingent remainder
If it is created in a grantee that is unascertainable, or if it is subject to an express condition precedent to a grantee’s taking.
Rule in Shelley’s Case
At common law, prevented a contingent remainder in the grantee’s heirs.
Doctrine of Worthier Title
At common law, prevents a grantor from creating a remainder in the grantor’s heirs.
Affected future interests
(Rule Against Perpetuities)
contingent remainders, vested remainders subject to open, executory interests, and powers of appointment
Tenancy in Common
Exists when two or more co-owners have an equal right to possess property but do not have a right of survivorship. Each tenant holds an undivided interest to possess the whole property.
Joint Tenancy
Exists when two or more people own property with the right of survivorship.
Four unities
Equal right to possession, equal interests, created at the same time, and in the same title instrument.
