Property Flashcards
Fee Simple Determinable
- type of ownership created by a conveyace with a clear durational language and a condition.
- if the condition happens, property reverts back to grantor.
- alienable (transferable) but buyer will still be subject to the same condition that grantee was
RAP doesnt apply when
transfer happens automatically and immediately
RAP only gives a shit about UNCERTAIN CONDITIONS that MAY OR MAY NOT happen (VEST)
Goat approach for RAP questions
- first, Look at EVERYONE who was there when the contract was originally made
- then ask yourself, if I kill all these people right now…after 22 years…will I have a tree that may or may not grow? or will i know for sure that my little tree will be grown by then?
Fee simple subject to condition subsequent
- same thing as fee simple determineable EXCEPT: if the condition is not fulfilled, DOES NOT automatically go back to grantor……grantor has CHOICE (right to rentry)
- created using durational language AND carve out the right to re-enter
remember, estate is not automatically violated if condition violated
An executory interest
is a future interest in someone other than the grantor
Do executory interests disappear when grantor dies?
No. Just the grantor’s heirs have the reversionary interest instead of the dead grantor.
Are executory interests subject to RAP?
Yes
What is a life estate
- a life tenant has the exclusive right to use and enjoy their property before their death
- does not pass to their heris
- can sell property, but when life
- tenant dies, buyer loses the property
When a life tenant dies, the property [……….], to [……..] or [………]
When a life tenant dies, the property either:
- reverts back to original grantor or
- their successors, or
- shifts to another grantee named in deed or will (this grantee has the remainder “remainderman”)
What is a life tenant’s duty
1) to not commit waste
- voluntary
- permissive
- ameroliative
when breached; future interest holder can sue for damages or injunctions
2) duty to pay the mortgage interest, property taxes at least until fair rental value of the premises
lets say fair rental value is 1k, life tenant responbile for taxes, insurance, maintaince costs which total 800. Goat can keep excess of 200. BUT if expenses were 1200, remainderman would have to pay extra
what are the three types of waste and their definitions?
Vountary
- voluntary waste is committed when tenant engages in conduct that lowers the economic value of the property (can make reaosnable repairs)
- example
- removing buildings,
- selling timber,
- anything detroying or damaging prop
Permissive
- permisive waste happens when the life tenant has failed to act in some way and fucked up the economic value of property
- most common example
- failure to make repairs to buildings
- failure to pay real estate taxes
Ameriolative Waste
- most states gotten rid
A future interest holder who is nice and spends money to satisfy the life tenant’s obligation, will be …
entitled to reimbursement
when does a cotenancy exist?
a cotenancy extists when multiple people have the right to use, possess, and enjoy property together
even if person owns 1% and other owns 99%, the 1% person entitled to bop around as much as they want (only becomes relevant when property is partioned or profits are divided.
situation where co-tenant who is out of posession feels like they’re owed money by some occupying co tenant?
absolutely not entitled. unless we have ouster. an ouster is when a cotenant kicks you out who is entitled to be in possession of the property
Joint tenancy
when one joint tennt dies, with other tenant assumes full ownership.
- JTs are alienable (transferable)(but they become tenants in common)
- JT’s NOT able to be in will or pass thru intestacy
