OWNERSHIP: SECTION 5, FREEHOLD ESTATES Flashcards
What are the 2 different types of “FREEHOLD ESTATES”?
1) FEE SIMPLE
2) CONDITIONAL FEE or DEFEASIBLE FEE
Define “FREEHOLD ESTATES”
FREEHOLD ESTATES = OWNERSHIP
- What we usually think of as Ownership
- There’s no definite ending date
- It’s for at least a lifetime
What does “FEE” refer to?
INHERITABLE
Describe “FEE SIMPLE”
1) Fee Simple are by far the most common
2) Fee Simple = Maximum Rights
3) Maximum Rights in Real Estate
4) Also called Fee Simple Absolute
Describe “CONDITIONAL FEE” or “ DEFEASIBLE FEE”
DEFEASIBLE means it can be voided
- Certain conditions apply
- Property deeded with conditions
- Example: must be used as a school
- Inheritable to heirs with same conditions attached
Describe “LIFE ESTATES”
1) Non-Inheritable
2) Reversion/Remainder
3) Dower, Curtesy, Homestead, rules apply
Define “LIFE ESTATES”
Property deeded to someone for life or the life of another
What are the 2 different types of “LIFE ESTATES”?
1) ESTATE IN REVERSION
2) ESTATE IN REMAINDER
Describe “ESTATE IN REVERSION”
1) It reverts back
2) When life tenant dies, property goes back to Grantor or Grantor’s Heirs
What does “OR” refer to?
GIVER
What does “EE” refer to?
RECEIVER
Describe “ESTATE IN REMAINDER”
1) Estate goes to 3rd party REMAINDERMAN upon death of life tenant
2) Receives Fee Simple Title upon death of Grantee
3) If remainderman is dead already at death of Grantee, property goes to remainderman’ heirs
Define “RESERVATION”
Seller transfers property but retains life estate for sellers lifetime
What does “ PUR AUTRE VIE “ mean?
FOR ANOTHER’S LIFE
- Grantee’s life estate based on someone else’s life
Define “DOWER LAWS”
Life interest wife receives upon husband’s death
