Property Flashcards
Batman and Robin bought a piece of property. Batman paid $20k of the purchase price and Robin $10k. How do they hold the property?
They both hold the property as a Tenancy in common: Batman has a 2/3 interest; Robin has a 1/3 interest
O conveys Blackacre to A, B, and C as joint tenants and not as tenants in common, with full right of survivorship. Subsequently, A conveys her interest in Blackacre to D. The conveyance to D breaks the unity of time and title as to the D’s interest. Therefore, D holds his one-third interest as a tenant in common with B and C. What interests remain if B thereafter dies?
Tenancy in common between C and D. D holds a 1/3 interest and C holds a 2/3 interest. They hold the property together as tenants in common.
Tenancy in common
each co-tenant holds an undivided interest in the whole of the property.
Tenancy in common creation requirements
Tenancy in common creation requires a unity of possession - each tenant has right to possess the whole
Joint tenancy
each co-tenant owns an undivided interest in the whole of the property and has a right of survivorship
Joint tenancy creation requirements: Common law and Modern Law
TTIP
Common law:
Time (take at the same time)
Title (take y the same instrument)
Interest (take equal shares of the same type) and
Possession (each tenant has the right to possess the whole)
Modern Law: only requires interest and possession
“O to A and his heirs”
Present Estate
fee simple absolute
“O to A”
Present Estate
fee simple absolute
“O to A and his heirs for so long as the premises are used for educational purposes”
Present Estate
Fee Simple Determinable
“O to A and his heirs, but if the premises are not used for educational purposes, then O has the right to reenter the premises and terminate A’s estate.”
Present Estate
fee simple subject to a condition subsequent
O to A for life; provided, however, that if the premises are not used for charitable purposes, O may reenter and retake the premises
Present Estate
life estate subject to a condition subsequent
“O to A for so long as the premises are used for charitable purposes, but if the premises cease to be used for charitable purposes, then to B.”
Present Estate
fee simple subject to executory interest
“O to A, but if the premises cease to be used for educational purposes, then to B.”
Present Estate
fee simple subject to executory interest
“O to A and the heirs of his body.”
Present Estate
fee tail
“O to A for life”
Present Estate
life estate
“O to A for the life of B”
Present Estate
life estate pur autre vie
“O to A for a term of 10 years”
Present Estate
term estate
“O to A for life, then to B for life, then to C for life.”
What are the interests?
A = life estate B = Life estate C = life estate O = Reversion
“O to A for a term of 10 years.”
What are the interests?
A = term estate for 10 yrs O = Reversion
O conveys “to A for life”
What are the interests?
A = life estate O = Reversion
T devises “Blackacre to A for life”
What are the interests?
When T dies - A = life estate
T’s reversion passes by the terms of his will or to T’s heirs by the law of intestacy if there is no will.
T devises Blackacre “to A for life,” and T also devises “the rest and residue of my estate to B.”
What are the interests?
When T dies - A = life estate.
B gets the residue of T’s estate, which includes the reversion to Blackacre.
T devises “to A for life, remainder to A’s widow and her heirs.”
What are the interests?
If A is living at the time of creation, whether married or unmarried, A has a life estate
A’s widow (if any) has a contingent remainder in fee simple because the take is not yet ascertained or ascertainable.
T = reversion
O conveys “to A for life, remainder to B and her heirs if B reaches 21.”
What are the interests?
If, at the time of creation, B is already 21 = A has a life estate and B has a vested remainder in fee simple.
If, at the time of creation, B is not 21 = A has a life estate and B has a contingent remainder
O = reversion
T devises “to A for life, remainder to B and his heirs.”
What are the interests?
A = life estate
B = vested remainder in fee simple
O conveys “to A for life, remainder to B for life, remainder to C and her heirs.”
What are the interests?
A = life estate
B = vested remainder for life
C = vested remainder in fee simple
T devises “to A for life, remainder to A’s children and their heirs.” At the time of T’s death, A is living and has one child, B.
What are the interests?
A = life estate B = vested remainder subject to open T = retains nothing
T devises “to A for life, remainder to A’s children and their heirs.” At the time of T’s death, A is living and has one child, B. One year later, A has another child, C.
What are the interests?
A = life estate
B & C = vested remainder subject to open
T = retains nothing
O conveys “to A for life, remainder to B for so long as the premises are used for education purposes.”
What are the interests?
A = life estate B = vested remainder subject to total divestment O = possibility of reverter
O conveys “to A, but if liquor is served on the premises, then to B and his heirs.”
What are the interests?
A = fee simple subject to an executory interest
B = shifting executory interest
O conveys “to A for life, remainder to B and his heirs one month after A’s death.”
What are the interests?
A = life estate
B = springing executory interest
O = reversion
O conveys “to A and her heirs for so long as liquor is not served on the premises.”
What are the interests?
A = fee simple determinable
O = possibility of reverter
O conveys “to A and his heirs, but if liquor is served on the premises, then O and his heirs may reenter and terminate A’s estate.”
What are the interests?
A = fee simple subject to condition subsequent
O = power of termination/right of re-entry
Fee Simple Absolute - What is it? Is it devisable, descendible or transferable?
Absolute ownership with indefinite duration. “To A and his heirs”
It is devisable, descendible and alienable
3 types of defeasible fees
Fee simple determinable
Fee simple subject to condition subsequent
Fee simple subject to executory limitation
Fee simple determinable - What is it? Is it devisable, descendible or transferable?
Terminates upon happening of state event and automatically reverts to grantor
“To A for so long as…or during…or until…”
Devisable, descendible and transferable
What future interest does grantor have in a fee simple determinable?
Grantor retains a possibility of reverter - it is automatic and becomes possessory automatically upon termination of the prior determinable estate
Fee simple subject to condition subsequent - What is it? Is it devisable, descendible or transferable?
Can be terminated by grantor upon happening of a state event.
“To A, upon condition that… or provided that… or but if… or if it happens that…”
devisable, descendible and transferable
What future interest does grantor have in a fee simple subject to condition subsequent?
Grantor retains a right of reentry or termination - not automatic; a grantor does not have to assert a possibility of reverter in order for a cause of action to arise)
Fee simple subject to executory limitation - What is it? Is it devisable, descendible or transferable?
Terminates upon happening of stated event then passes to 3rd party.
“To A but if stated event happens, to B”
devisable, descendible and transferable
