Possessory Interest Chart info Flashcards
“To A & his heirs”
“To A”
Fee Simple Absolute
FI: None
” To A & his heirs for so long….”
untill. ..”
while. ..”
during. ..”
Fee Simple Defeasable
FI: Grantor
Possibility of Reverter
“To A & his heirs, but if…”
upon condition that…”
provided that…”
FSSSCS
FI: Grantor
Right of Entry
“To A & his heirs for so long as …, and if not…, to B”
“To A & his heirs, but if…, to B”
FSSEL
FI: 3rd Party
Executory Interest
“To A & the heirs of his body”
Fee Tail
Fi:
Grantor= Reversion
3rd Party= Remainder
“To A for life,” or “To A for the life of B”
“To A for life, then to B”
“To A for life, but if…, to B”
LE
FI= Reviersion
FI= Remainder
FI= Reversion (grantor) or
FI= EI (3rdP)
“To A for life, then to B.”
Indefeasibly Vested Remainder
Indefeasibily Vested Remainder
Subject to RAP?
Alienability?
No
- Transferable
- Desendible
- Devisable
Vested Remainder Subject to Total Divesment
Subject to RAP?
Alienability?
No
- Transferable
- Desendible
- Devisable
Vested Remainder Subject to Open
Subject to RAP?
Alienability?
Yes-as long as the class remains open
- Transferable
- Descendible
- Devisable
Contingent Remainder
Subject to RAP?
Alienability?
Yes!
- Tranferable-in most states (not CL)
2, Descendible
- Devisable
Shifting Executory Interest
Subject to RAP?
Alienability?
Yes!
- Transferable- in most states (Not CL)
- Descendible
- Devisable
Springing Executory Interest
Subject to RAP?
Alienability?
Yes!
- Transferable- in most states (Not CL)
- Descendible
- Devisable
“To A for life, and on A’s death, to B; but if B predeceases A, then to C.”
B has a Vested Remainder subject to total Divesment
“To A for life, then to A’s children in equal shares.”
Vested Remainder Subject to Open
To A for life, then to B if B marries C.”
Contingent Remainder
“To A for life, then to A’s surviving children.”
Contingent Remainder
“To A for life, remainder to B and her heirs; but if B predeceases A, then to C and his heirs.”
C has Shifting Executory Interest
“To A when and if he becomes a doctor”
Springing Executory Interest
“To A for life, then two years after A’s death, to B”
Springing Executor Interest
Each Tenant has an undivided interest in the whole esate, and the surviving co-tenant has right of survivorship
Joint Tenancy
Each tenant has a distinct, portionate, undivided interest in the property. No right of survivorship
Tenancy in Common
Termination of Joint Tenancy
The right of survivorship may be severed, and the estate converted to a tenancy in common,
by: a conveyance by one joint tenant, agreement of joint tenants, murder of one co-tenant by another, or simultaneous deaths.
Teminatied by:
-Partition (vol. or invol.)
Creation of Joint Tenancy
“To A and B as joint tenants w/ right of survivorship.”
Joint tenants must havr at the time of conveyance”
- Identical interests
- Used same instrument
- At same time
- W/ an equal right to possess
Creation of Tenancy in Common
“To A and B”
“To A and B as joint tenants.”
Termination of Tenancy in Common
May be terminated by partition.
Steps for Sale of Land
- Parties Enter into Land Sale Contract ->
- Time Between Contract & Closing ->
- Closing ->
- Recordation
Parties Enter into Land Sale Contract
- Contract must be in writting (S.O.F)
- Presume tiime in not of the essence unless stated.
- Implied covenant of marketability arises
Time Between Contract and Closing
- Buyer investigates Seller’s title
- if defectove, Buyer must notify Seller, and give an oppertunity to correct - Risk of loss is on th Buyer
Closing
- Title passes if deed is validly executed.
- Valid execution requires:
a. writting
b. Signed by grantor
c. description of property
- Valid delivery requires intent by grantor to immediately part w/ legal control - When title passes, the contract is extinguished
- Only basis for suit by Buyer is an express covenant in the deed.
6 possible covenants:
- Seisin
- Right to Convey
- Encumbrances
- Quiet Enjoyment
- Warranty
- Further Assurancese
Recordation
Buyer records deed to protect her title against a subsequent purchaser for value.
Types of Statues
Notice
Race
Race-Notice
Notice
“No convetance or mortgage of an interest in land is valid against any subsequent purchaser for value w/o notice thereof, unless it is recorded.”
Race
“No conveyance or mortgage of an interest in land is valid against any subsequent purchaser whose conveyance is recorded first.”
Race-Notice
“No conveyance or mortgage of an interest in land is valid against any subsequent purchaser for value w/ notice thereof whose conveyance is first recorded.”
Notice: Who Prevails?
Subsequent bona fide purchaser (i.e., for value, without notice)
Race: Who Prevails?
Grantee who records first
Race-Notice: Who prevails?
Subsequent bona fide purchaser (i.e., for value, without notice) who records first prevails
