Ownership Basics: Terms Flashcards
Bundle of Rights
All rights and interest that can be legally held in real property. They are separated into Possession, Use & Control, Quiet Enjoyment and Disposition
Defeasible Fee Estate (Deter-Minable Fee Estate)
A fee simple estate which has conditions attached, the violation of which could cause the grantee to lose title. If written in the deed with the words “so long as.” it automatically reverts back to the grantor or his heirs if the conditions are violated. It may also be referred to as “Fee Simple Qualified.”
Fee Simple/Fee Estate/ Fee Simple Absolute
The highest or most complete form of ownership that can be held under the law. The ownership rights go on forever
Fee Simple Defeasible Estate
This fee has some condition or covenant involved that limits the extent of one’s ownership. This is also an inheritable estate
FreeHold (Ownership) Estates
An interest in property in which some form of ownership is held. If an individual has a freehold interest, he has an ownership interest in the property, but may or may not own it free and clear.
Holder of a Life Estate
The receiver of a life estate who has the property for the duration of the grantee’s own life
Life Estate
A form of freehold estate wherein the holder acts as though he owns the property so long as he lives
Life Estate Pur autre Vie
A life estate based on the life of a person other than the holder of the life estate.
Quiet Enjoyment
One of the rights in the “Bundle of Rights.” The right of an owner or lessee to uninterrupted legal use of the property without interference or disturbance caused by defective title
Remainderman
The person who will receive the life estate when the current holder of the life estate dies. There can be more than one of these.
Right of Reversion
Future interest in real estate created by the grantor that provides for the property to revert to the grantor upon expiration of interest
