Present and Future Estates

Question 1

• What language will create the estate?

Answer 1

Classifying its language to its terms

Ask does the person has a present estate or a future interest.

The present estate has present possessory
example if you have a key and walk in the house

Future estate has a nonpossessory interest in real property
Waiting on a future interest to take place
example if you are waiting for someone to die and also to their heirs

Question 2

• What are its distinguishing characteristics?

Question 3

• Is there a future interest to accompany the estate?

Answer 3

awaitingnfor an event to happen for you to occupy the estate

Question 4

Present Possessory Estates
What is fee simple absolute ?

Answer 4

unlimited

Question 5

Defeasible estates?

Answer 5

cutting conveyances short by adding provision language

Question 6

Fee Simple Subject to Condition Subsequent

Answer 6

If the language is conditional
example, if, only, only if

Question 7

. Fee Simple Determinable

Answer 7

If the langauge is about duration
example, during until, as long as dealing with time and duration

Question 8

Fee Simple Subject to Executory Interest limitation

Answer 8

If we have a 3rd party involved

Question 9

Life Estate

Answer 9

Is the property conveyance for the life of someone or some other persons life

Question 10

Fee Tail

Answer 10

body

Question 11

free hold present estste

Answer 11

ownership of real property

fee simple is infinite forever death does not terminate it lasts forever
example convey green acre to may forever and her heirs

life estate limited by a persons life example: terminates when amy dies

fee tail any time you see body its a fee tail!!!

Question 12

non freehold

Answer 12

is leasing of real property

terms of years

tenancy at will

Question 13

Ask is the fee simple or life estate is absolute or defeasible

Answer 13

defeasible is a provision or condition is added to the conveyance then it is defeasible by Transferee

Absolute is no condition added to the conveyance Transfor has not added any language

Question 14

Future estates
Who is the holder in the interests

Answer 14

Transferor is conveying property
or Transferee is receiving property

Question 15

If Transfor has a fee simple, defeable subject to condition

Answer 15

Transfor hold s aright to entry

Question 16

If transforer hasfee simple, determinable

Answer 16

Possibilty of reverter

Question 17

Transforor has life estate

Answer 17

has a reversion and that means it comes back to the transferor by reclaiming it

Question 18

Transferee future intrest

Answer 18

if 3rd party involved you ask what interest does the 3rd party has, whether it is present of future interest in the estate

Question 19

Next is the person a transfor or transferee

Answer 19

Has either an executory intrest or remainder interest

Exceuotrory intrest is anything other than a remainder and has anytype of a gap

remainder is future interest created in a transforee and is capable of the natural termination of the estate
It has to be immediate become a possessory interest no gap and its not a remainder- even one minute. It should happen immediately NO GAP

Question 20

two type of executory interest

Answer 20

Ask what interest of the 3rd party
shifting is when the 3rd party to the prior interest
springing is getting rid of the middle person

Question 21

Future interest by Transferee limitations

Answer 21

If we have a remainder from a life estate ask if its contingent or vested

if it’s vested created by a living person and not subject to any conditions

If contingent if there is an heir or some other person has a contingent remainder besides the 3rd party

Question 22

Heirs

Answer 22

A person heirs are contingent and
are not ascertainable
if person is alive their heirs are ascertainable and if they are not alive then they are not ascertainable

Question 23

condiiton precednt

Answer 23

is an event must occur before the remainder become present estate

is a transferee, remainder, contingent preseident

Question 24

condition subsequent

Answer 24

Future intrest, transferee , remainder
condiiton ,subsequent, he’s getting the property

Question 25

if the transferree gets the property and doesn’t fulfill the condition

Answer 25

subject to termination and divestment of termination

Question 26

subject to open

Answer 26

if any children getting intrest in the property and I shaving any other children it will be subject to open