Principles - Chapter 3 Estates Flashcards
Estates: Freehold
indeterminable duration 3 types: fee simple absolute fee simple qualified life estate
Estate: Possesory/Less than freehold
Estate for Years
Estate from Period to Period
Estate of Sufferance
Estate of Will
Estate in Fee or Fee Simple/absolute
largest
infinite duration
no qualifications
Estate in Fee Simple/Qualified or life estate
owner holds estate with condition attached
breaking condition=revocation
Condition precedent
event must occur before transfer
give land to city IF city to build park
Condition subsequent
event occurs after
owner give city land, if park is to be built
if not built, land back to grantor
Reversion
residue of estate after expiration
Life Estate
ownership for life duration of any designated person or persons
created by will or deed
Estates Per autre vie (for life of antoher)
Life estates based on the life another, not the owner
Life Tenant
right of possession right to rents/profits can encumber or dispose of property obligated to keep in good repair must not injure or destroy any permanent part to detriment of succeeding interest responsible for taxes cannot pass on to heirs
Less than Freehold Estates
period of time
leases/rental agreements
Types of leases
estate of years
estate from period to period
estate at will
estate at sufferance
Estate of years
fixed duration agreed by lessor and lessee
51 years agricultural
99 years in city
Estate from period to period/periodic tendency
any specified time
ex: month to month lease
Estate at Will
no timeframe
can be terminated at will
not allowed in California
requires 30 notice
Estate of sufferance
lessee stays/holds over
Lease
agreement
defines conditions of use and occupancy
7 Elements of a Lease
Identification/capacity of parties description agreement consideration/duration rights/obligations legal purpose lessor to execute
Identification
named and have legal capacity to lease
description of lease
premise description
agreement of parties
agree to term=time,
condition =obligation
convenant=promise to do or not to do
Stated consideration/duration
rent
duration/term
Rights and Obligations
as stated
Legal Purpose
lease for legal purpose
ex: cant lease office space for gambling
