ownership Flashcards
what are the ways to alienate (transfer) property?
sale
gift
devise
intestate
what is a fee simple absolute
absolute ownership
capable of lasting forever
what language creates FSA?
to nate and his heirs
life estate
to nate for life
transferable while alive
cannot be transferred though devise or intestate because either grantor reversion or TP remainder
What is a fee tail?
limiting inheritance to lineal descendants only
VA abolishes this and makes it a fee simple absolute
in Virginia, all future interests are ________
fully alienable
fee simple determinable
durational language = so long as, during, while
possibility of reverter which automatically vests
s/l 10 years
FS subsequent to condition subsequent
If future event occurs, G has right of reentry
s/l 10 years
rule in shelley’s case
VA abolishes
“to A for life then to A’s heirs” gives the heirs a contingent remainder
worthier title
VA abolishes
“to A then to O’s heirs” gives effect to O’s intent to give it to their heirs
what RAP rule does VA use
CL rule of life + 21 AND
wait and see if vest or lapses w/n 90 years of creation
uniform statutory RAP
vested remainder?
ascertainable B not subject to condition precedent
fully transferable inter vivos
contingent remainder?
no ascertainable B or subject to condition precedent
what is a remainder
future interest created in someone other than the grantor
repugnancy
life esttae for someone with aboslute power to dispose of or sell land = FSA
