Present and Future Interests Flashcards
Present Property Interest
Fee Simple Absolute (M)
Conveyance of absolute ownership of real properties (no conditions)
Devisable, Descendible, Alienable
Present Property Interest
Fee Tail (M)
a conveyance of real property to a person and their heirs
abolished in most jurisdictions- treated as a fee simple absolute
Present Property Interest
Fee Simple Defeasible
aka Defeasible Fee
a conveyance of real property with conditions
Present Property Interest
What are the 3 types of Fee Simple Defeasibles
- Fee Simple Determinable
- Fee Simple Subject to Condition Subsequent
- Fee Simple Subject to Executory Interest
Present Property Interest
What is a Fee Simple Deteminable?
What is the future interest that pairs with a FSD?
a conveyance of real property that automatically reverts to the grantor if a specific condition occurs
Future Interest Pair: Possibility of Reverter
Present Property Interest
How to create a Fee Simple Determinable?
FSDs are created using durational language
Durational Language:
“so long as”
“while”
“during”
Present Property Interest
What is a Fee Simple Subject to Condition Subsequent
What is the future interest that pairs with a FSSCS?
a conveyance of land subject to the grantor’s right of reentry if a specific condition occurs.
Future Interest Pair: Right of ReEntry
Present Property Interest
How is a FSSCS created?
FSSCSs are created using conditional language, reserving a future interest in the grantor
ex- G conveys Blackacre to X, so long as X is married, but if X is not m
Present Property Interest
How is a FSSCS terminated?
FSSCS is only terminated if grantor affirmatively exercises his right of reentry
Present Property Interest
What is Fee Simple Subject to Executory Interest?
a conveyance of real property that reserves a future interest in a third party
ex- G grants Blackacre to X, so long as he stays sober, but if he does n
Future Property Interests
Possibility of Reverter
What present interest does this follow?
- a future interest held by a grantor of property as a fee simple determinable
- If the specified condition occurs, the grantees’ interest is automatically terminated and vests in the grantor
FSD
Future Property Interests
Right of ReEntry
What present interest is this paried with?
- In a FSSCS, upon the occurence of a specified event, the grantor MAY reenter and take the property.
- Grantor must exercise the right to terminate the interest (does not happen automtically)
FSSCS
Future Property Interest
Vested Remainder
future interest in land given to an identifiable person
Future Property Interest
Contingent Remainder
future interest in land contingent on the occurence or nonoccurence of a specific event
Future Property Interest
Vested Remainder Subject to Open
aka partial divestment
future interest in land given to a class of people
If one of the gro
ex- G grants Blackacre to X for life, then to B’s kids
